As China crafts its upcoming 15th Five-Year Plan for 2026 to 2030, government officials have repeatedly emphasized the need for high-quality development and "new quality productive forces.'

In an exclusive interview with CGTN's Guan Xin, Albert Park, the chief economist of the Asian Development Bank (ADB), said the country's plans for the next few years will go beyond mere economic growth to focus on high-quality, inclusive and sustainable development.

Park also shared his views on China's economic priorities, technological competitiveness and the role of digital transformation in the region.

ADB: China's goals extend beyond mere growth

"I think china has set various goals to create a economy that pursues high-quality development, not just growth, but also being inclusive, being green, et cetera," Park said.

Park pointed to China's achievements in electric vehicles, renewable energy and artificial intelligence as key drivers of productivity growth.

He also emphasized the importance of China's goal to be an open economy, saying that a lot of technology transfer and improved processes come from just being part of global value chains.

ADB's Park on China's comparative advantages

On China's comparative advantages in the global economy, especially in the context of increasing competition and restrictions from other major economies, Park said there have been a lot of policies that are designed to try to limit China's ability to progress, especially in the high technology sector.

"And so China, I think sensibly has been trying to become more self reliant in those technologies," he said.

Despite these challenges, Park said ADB continues to advocate for maintaining open multilateral trade and investment as he said that globalization will create more opportunities for all economies, particularly poorer ones. 

Park said he expects a more challenging environment where "everybody kind of suffers" as there are "no winners in a trade war."

In response to these trade tensions, he suggested that China's commitment to boosting domestic consumption could mitigate trade imbalances and foster a more sustainable economic model.

Park: China's green push crucial for global climate goals

Meanwhile, Park praised China's commitment to achieving carbon peaking by 2030, including the country's progress in reducing carbon emissions and its plans to expand carbon markets and pricing mechanisms. 

"I think China has made great progress on reducing carbon emissions and is on target to meet its goal ... which is great news, I think for the world," he said.

He explained that these measures are crucial for achieving emission reductions and promoting green finance.

ADB on China's digital potential to drive inclusive growth

Park further elaborated on the potential of digital transformation to drive inclusive growth in the region, noting that data from China showed that cities with faster digital adoption experienced higher income growth, particularly among the poorest households.

" ... which is really good evidence that digital access to digital services is very inclusive. It helps the poor," he said.

Park emphasized the role of governments in ensuring access to digital infrastructure and promoting the development of technologies that have a significant social impact, such as AI applications in healthcare and education.

ADB on data protection and regulation

Looking ahead, Park addressed the critical issue of data protection and regulation, acknowledging the risks associated with digitalization and AI, including privacy concerns and data security. 

He suggested that countries should develop nuanced data governance frameworks that balance innovation with security. The ADB, he said, can support the development of harmonized standards for data flows and digital trade, enhancing regional interoperability and security.