China has worked out a greener economic development blueprint for the years up to 2020. Investors and businesses in China and the European Union should keep this bigger picture in mind when they look for new opportunities that the ongoing annual sessions of the Chinese People's Political Consultative Conference National Committee, China's top advisory body, and the National People's Congress, China's top legislature, may throw up.
China has already vowed to build a moderately well-off society by 2020, lifting the rest of the country's poor out of poverty by offering education, training, jobs and social welfare, as well as granting many migrant workers hukou (household registration) in the cities they work. Since China has already lifted hundreds of millions of people out of poverty, this target seems achievable.
The task of making economic development greener seems a greater challenge, because it will not be easy to ensure more days with blue skies, and provide clean water, air and soil to all. But China will make every effort to make this dream a reality by 2020.
The secret of success may be sharing of information and benefits. For instance, before delivering his speech at a seminar in London recently, a senior Chinese diplomat started clicking photographs of the audience and took a selfie as well. He said he would share the photographs and the outcome of the seminar on social media. Such was the impact of his action that the rest of the four speakers, all from the United Kingdom, followed his example.
Sharing information on social media has become a phenomenon in China. Millions of Chinese people "hold meetings", discuss business and exchange ideas on different social media platforms every day. They even "compete" with each other to see who jogs or walks longer to spread health awareness among Internet users.
Online shopping and business in China are among the strongest in the world; they also help link China with the rest of the world. Internet and mobile activities are contributing to economic growth and helping restructure China's economy. Although China's economic slowdown has created pressure on some sectors, Internet-based businesses are thriving and expanding, and helped the service sector contribute more than half of the GDP last year for the first time.
The Chinese government is expediting the process of reducing overcapacity in some sectors using the Internet-Plus approach. China has also vowed to pursue innovation-led economic growth to reduce the pressure on the environment. The country is already the leading investor in environment-friendly technologies, in a bid to adapt to and combat climate change.
All these measures could offer solutions to the economic woes of investors and businesses across the world. For the next five years, even longer, investors and businesses both at home and abroad should attach importance to China's economic restructuring, and capitalize on the green opportunities it offers to boost economic cooperation.
In fact, green cooperation should be the new mantra for businesses in China and abroad when it comes to economic deals. Perhaps their cooperation can focus on Internet-based businesses. China should also cooperate with the EU and other Western economies on 5G technology, to make online communication more convenient and faster.
More importantly, China's education, medical care, tourism, cultural and sports sectors are expected to expand rapidly, offering Chinese and EU businesses new opportunities to cash in on. And EU-based companies, with their experience and know-how, can greatly benefit from these opportunities.
As China restructures its economy and upgrades its industries, it will take a greener path to economic development and thus create more opportunities for domestic as well as foreign enterprises.
