Experts stress global efforts to embrace green development

Countries should enhance communication and coordination in both policy design and implementation, as tackling global issues like climate change for green development requires holistic efforts from all, and China's input has been notable in this respect, experts and business leaders said.

They addressed a sub-forum on the theme of green development, which was held in Shanghai last week against a backdrop of climate change and the new pattern of global trade.

The event was part of the fourth Hongqiao International Economic Forum.

Elliott Harris, assistant secretary-general for economic development and chief economist at United Nations, told the sub-forum that the global goal for climate change and the timetable set for carbon emission reductions will surely impact future industrial policies, and industrial shift from manufacturing toward services will be critical in this process.

All countries need to start pushing for such a shift, as the services sector generates lower carbon emissions, he said.

As services will soon become an important component of future industrial policies, he urged all governments to start building a high-quality, dynamic services industry to make it a key foundation of industrial growth in the 21st century.

Though industrial policies in specific countries are largely designed by their own governments, international cooperation is of critical importance in the process of policy delivery, he said.

Pamela Coke-Hamilton, executive director of the International Trade Centre, a development agency dedicated to supporting the internationalization of small and medium-sized enterprises, noted at the sub-forum that the COVID-19 outbreak is a reminder that global problems obviously require global solutions.

Therefore, to achieve systemic sustainability, all participants in the production value chain are involved. Trade can make this transformation process "happen in a fairer way for everyone", she said.

She also said she believes China, as one of the world's major economies, is playing a critical role in the rapid restoration of order in the epidemic-ravaged era.

Yu Miaojie, deputy dean of the National School of Development at Peking University, said that a greener and low-carbon growth will surely generate new changes across the global trade landscape.

He suggested that businesses in China should work well in advance to diversify their exports destinations, and make trade in services greener and more digitalized.

Business leaders at the event agreed that countries are reaching consensus increasingly on the need for international trade and environmental policy coordination, and China's policy signals have been particularly clear.

Mike Roman, chairman and CEO of 3M, said the Chinese government has given strong and clear signals that it has put green development high on its agenda.

This has provided new growth opportunities for multinational firms. As the government and enterprises work together in building a modern supply chain, sustainable development should be the first priority, Roman said.