China using cutting-edge tech to realize sustainable development, transformation

China is navigating the global market to realize the sustainable development and transformation with its cutting-edge technologies, said Michael Sheren, former Bank of England senior advisor and G20 chairman, in an interview at "The Belt and Road: Investing in China and Converging Thought" themed event.

Sheren said it is crucial to push everything onto the global stage and achieve sustainable development. One advantage that China and some other countries have is technology. One of the biggest global trends is progressing toward sustainable development, which is impossible without technology. China is a global leader and pioneer in the electric vehicle and wind energy fields, which are global in nature. China should be a true market leader, with supply chains that serve not only the surrounding regions but also the world. These important elements of transformation will be part of the global transformation solution.

When discussing China's achievements in environmental crisis management and sustainable development, Sheren said China is the first country in the world to propose "waste sorting". China is currently discussing coordinating waste sorting policies with the European Union. Therefore, how to make sustainable development effective is an important and indispensable factor.

Sheren said the International Monetary Fund has done outstanding work by considering carbon taxation as a transformation method. There are reports that development banks, the Asian Development Bank, the Asian Infrastructure Investment Bank, and other institutions will join forces to collaborate. Therefore, not only development banks in Asia but also those in Europe, South America, and Africa will cooperate. This level of cooperation is very positive. Hence, more collaboration like this can be expected in the future. The G20 is cooperating, development banks are cooperating; this is a good sign.

According to Sheren, the Chinese market undoubtedly offers great opportunities for foreign investment. China has skilled talent, great technology, and outstanding research. He believes that as long as it is open, there will be tremendous opportunities.

"It is well known that the People's Bank of China has the first digital currency, which could be very attractive for cross-border trade. As a senior advisor at the Bank of England, I appeared alongside Dr Yi Gang, who was the vice-governor at the time, in the hall of the London Stock Exchange. At that time, China issued RMB and other denominations, green asset-backed securities, because London is an offshore RMB trading center, as well as Frankfurt and Singapore. So, imagine if you are a potential Chinese investor and you see the funding mobility of the digital RMB being able to move to Singapore, to Frankfurt, and to London. I think it's an interesting field, it could be exciting in the future," Sheren said.

"The Belt and Road: Investing in China and Converging Thought" themed event was organized by China Daily website and sponsored by China Internet Development Foundation.