Global Times: Readers' Reflections: China's green, low-carbon transition unlocks more dividends, bringing significant opportunities for foreign firms

BEIJING, Aug. 15, 2025 /PRNewswire/ -- August 15 marks the National Ecology Day. During an inspection tour to Yucun village, Anji county in East China's Zhejiang Province on August 15, 2005, Xi Jinping, then secretary of the Zhejiang Provincial Committee of the Communist Party of China (CPC), for the first time put forward the concept of "lucid waters and lush mountains are invaluable assets." 

Since the 18th CPC National Congress, ecological civilization has been placed in the country's "five-sphere" integrated plan. The concept has become the core philosophy and action framework for China's eco-civilization construction, ushering in a new chapter for China's ecological civilization. Guided by this philosophy, the country has achieved historic, transformative, and comprehensive changes in ecological and environmental protection, which has become a distinctive feature of the historic accomplishments and transformations in the cause of the Party and the country.

The book series of Xi Jinping: The Governance of China includes several important speeches on ecological construction. Chinese President Xi's directive on China's first National Ecology Day in 2023 is included in Volume V of the book series. President Xi said "I hope our whole society acts now to promote and apply the concept that lucid waters and lush mountains are invaluable assets. Through solid and sustained efforts, we will make a greater contribution to building a clean and beautiful world."

In the 10th installment of the special series "Decoding the Book of Xi Jinping: The Governance of China," the Global Times, along with People's Daily Overseas Edition, explores the theme: China's innovative approach in ecological conservation and its global impact. We continue to invite Chinese and foreign scholars, translators of Xi's works, practitioners with firsthand experience, and international readers to discuss how the concept of "lucid waters and lush mountains are invaluable assets" and relevant practices contribute to sustainable development, global ecological governance and building a community with a shared future for humanity.

In the 10th article of the "Readers' Reflections" column, Global Times (GT) reporter Ma Jingjing talked to Helge Muenkel (Muenkel), Chief Sustainability Officer of Singapore-based DBS Bank, who profoundly perceived China's rapid strides in ecological development and green technology and the global value of the concept that "lucid waters and lush mountains are invaluable assets." According to Muenkel, China's green technology innovation and industrial development experience have provided strong support for the global energy green transition, while providing new opportunities for global partners and foreign enterprises with the country's high-quality development.

GT: In the article "Chinese Modernization: Harmony Between Humanity and Nature" in Volume V of Xi Jinping: The Governance of China, President Xi Jinping stressed to "adhere to a people-centered approach, and uphold and act on the idea that lucid waters and lush mountains are invaluable assets. In our efforts to build a great country and advance national rejuvenation, we will prioritize the Beautiful China initiative and work for substantial improvements in urban and rural living environments. This will enable us to support high-quality development with a high-quality environment." DBS Bank has been deeply rooted in the Chinese market for over 30 years since its entry. Can you share your observations on China's green development over the years? What are the core advantages of China's green and low-carbon development?

Muenkel: China's green energy transition over the last three decades has marked remarkable progress, positively impacting and inspiring many, far beyond its borders. Facts best demonstrate just how tremendous China's strides have been. In 2024, China installed more renewable energy capacity than the rest of the world combined.  

China has also become the clear leader in electrifying mobility. It is the largest market in the world for new-energy vehicles, which include battery-electric, plug-in hybrid and extended-range electric cars, and is also the largest exporter of such cars globally. In the first six months of 2025, the country's new-energy vehicle (NEV) production and sales surpassed 6.9 million units, respectively, the country's official data showed. In June alone, the sales of passenger NEVs accounted for over half of all passenger vehicles sold in the country. China's innovation power is driving these developments, with BYD shocking the world when it announced in March that it had developed a new battery and charging system that allows for an EV to gain 400 kilometers of range in just five minutes. The Chinese government had also implemented smart policies to support the growth of the electric vehicle industry, including tax incentives and investment in charging infrastructure.

Furthermore, China has also made significant investments in green infrastructure, including green buildings, sustainable transportation systems, beyond electric vehicles, and eco-cities. China has also embarked on massive afforestation project, the Three-North Shelterbelt Forest Program, also referred to as the "Great Green Wall", launched in 1978 to combat desertification, reduce soil erosion, and improve the ecological environment. The project has shown significant progress, with China's forest coverage growing from around 8.6 percent of the overall territory in 1949 to over 25 percent in 2024.

I met my wife in Shanghai in 2010, when she worked and lived in the city. I remember us walking along the Bund a lot. When I again visited Shanghai a few months ago, I could see and feel the difference. Apart from the city's remarkable infrastructure developments, the air was just so much cleaner than over a decade ago. Air pollution levels have been reduced materially across major cities in China, due to a combination of many factors including the aforementioned green energy transition and push for electric vehicles as well as industrial upgrades, transportation reforms and tree planning.

The success has been possible due to a combination of factors, including strategic and long-term planning by the government and regulators, as well as the country's remarkable innovation and manufacturing power. It is important to note that China dominates global clean tech patents accounting for more than 50 percent of the world's green and low carbon patent applications. 

GT: The article "Chinese Modernization: Harmony Between Humanity and Nature" is part of the speech by President Xi at the National Conference on Eco-environmental Protection. In the speech, President Xi also stressed that "the next five years will be crucial in building a beautiful China." How do you understand this?

Muenkel: The concept of "Beautiful China" highlights the country's commitment to an ecological civilization and sustainable development, stressing that "lucid waters and lush mountains are invaluable assets." It marked a transition from remediation toward systematic governance of ecology, embedding green, low‑carbon and circular development into the national growth framework. On the back of this, it allowed to further strengthen legal frameworks, and market‑mechanism to support the mobilization of both private and public actors in realizing these goals.

China's green and low carbon development not only allows to reduce carbon emissions, which in turn materially supports the global climate goal, as enshrined in the Paris Agreement, to hold "the increase in the global average temperature to well below 2°C above pre-industrial levels and pursue efforts to "limit the temperature increase to 1.5°C above pre-industrial levels." But it also fosters broader socio-economic growth, and hence, supports sustainability more holistically by improving people's lives, for example, as it creates new jobs and improves public health.

GT: Currently, green and low-carbon development has become an unstoppable trend, leading the transformation and upgrading of global industrial and supply chains. In recent years, the global green economy market has demonstrated explosive growth momentum. China has established a dominant position in sectors such as photovoltaics, wind power, and electric vehicles. What impact do you think China's green and low carbon transformation has had on the world?

Muenkel: As the world's largest producer and consumer of renewable energy, China's shift toward a low-carbon economy is driving innovation and reducing costs. The country's dominance in electric vehicle production and sales has spurred global adoption, with China accounting for over 50 percent of global electric vehicle sales. China's green development has also created new industries and job opportunities, contributing to sustainable economic growth. As a global leader in clean energy, China's green transformation can accelerate the transition to a low-carbon economy worldwide.

Furthermore, the significant size of China's economy has a material impact on global demand patterns for fossil fuels. Given the significant rise in renewable energy and electric vehicles in the country, some scenarios suggest China's oil demand could peak and decline as early as the 2030s, which would have significant impacts on global markets, and could further accelerate global trends toward cleaner energy.

GT: In a keynote speech delivered at APEC CEO Summit held in November 2021, President Xi said "China's carbon reduction action is a profound economic and social transformation. However formidable the task may be, we will work tirelessly to make our contribution to promoting global green transition. Our carbon reduction action will also require massive investment, thus creating huge market opportunities and room for cooperation." As a representative of foreign banks deeply rooted in China, what strategic opportunities do you think this trend has created for foreign invested enterprises?

Muenkel: China's commitment to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060 will transform China's economy into a green, low-carbon, and circular system by mid-century.

And the numbers are again stark. In 2024, China was by far the largest investor in the global energy transition, according to data from Bloomberg New Energy Finance. China invested $818 billion in clean technologies last year. This materially outpaced the US and the EU, which invested $338 billion and $375 billion, respectively. 

As such, the expansion of China's green economy unlocks more dividends and presents significant opportunities for foreign-invested enterprises. As China continues to prioritize sustainability, foreign companies can leverage their expertise and technologies to support the country's green development goals. The dual carbon goals have created a favorable environment for green investments, and foreign enterprises can benefit from partnering with Chinese companies to jointly develop innovative solutions and tap into the vast Chinese market. With China's green economy expected to further grow materially, foreign-invested enterprises can capitalize on this trend by investing in renewable energy, green infrastructure, and sustainable technologies.

GT: In Volume II of Xi Jinping: The Governance of China, President Xi stressed "We should pursue the new vision of green development and a way of life and work that is green, low-carbon, circular and sustainable. Efforts should be made to strengthen cooperation in ecological and environmental protection and build a sound ecosystem so as to realize the goals set by the 2030 Agenda for Sustainable Development." Could you, in the context of DBS Bank's support for Chinese enterprises in implementing overseas renewable energy projects, share your insights on how the Belt and Road Initiative (BRI) contributes to promoting global green development and ecological governance?

Muenkel: The BRI provides a platform for promoting global green development and ecological governance. By advocating for green, low-carbon, and sustainable practices, the BRI can help reduce the environmental impact of infrastructure development, and foster broader socio-economic progress. It is important to highlight China's efforts to collaborate globally on this. For instance, China signed a memorandum of understanding with the UN Environment Programme on building a green Belt and Road and launched partnerships with various countries.

DBS has adopted the voluntary Green Investment Principles for the Belt and Road to support this initiative. And as one example, DBS banking entities in the Chinese mainland and the Hong Kong Special Administrative Region facilitated a green bridging loan deal with China General Nuclear Power Group's company in Laos for one of the largest clean energy projects in Laos' history, demonstrating support for the construction of Belt and Road green projects.

Overall, China's commitment to green BRI development has led to increased investments in renewable energy, green infrastructure, and sustainable transportation.

GT: Since humanity entered the era of industrial civilization, while creating enormous material wealth, it has also generated severe climate problems. The international community has made arduous efforts for decades to address this challenge. How should countries work together to promote the building of a clean and beautiful world?

Muenkel: As the world grapples with the pressing challenges of sustainability more broadly, and specifically climate change, collaboration and multilateralism have proven to be powerful drivers of innovation and action in the energy transition.

Collaboration between nations is crucial for achieving global sustainability goals. By working together, countries can share knowledge, technologies, and best practices as well as align on policy frameworks, accelerating the transition to a low-carbon economy. China's experience and technical expertise in scaling up renewable energy and reducing emissions can inform and support similar efforts in other countries.

In a world where climate change knows no borders, unilateral actions will inevitably fall short of addressing the global nature of the crisis. Collaboration, on the other hand, enables countries to pool their resources, expertise, and influence to drive meaningful change. As the world moves forward, it's essential to prioritize multilateral cooperation and recognize the critical role that countries like China can play in shaping a sustainable future.

SOURCE Global Times