Nation's pursuit of dual carbon goals provides opportunities

Editor's note: The Third Qingdao Multinationals Summit will take place in Qingdao, Shandong province, from June 20 to 21, as part of the country's efforts to accelerate high-level opening-up and boost global economic recovery. Participants' expectations for this year's summit and their insights into China's endeavors to promote a higher level of opening-up and encourage high-quality growth under the new "dual-circulation" development pattern are being featured in a series of reports by China Daily.

Q1. This year's Qingdao Multinationals Summit continues to focus on the theme of "Multinationals and China". What preparations have you made for the summit? What are your expectations for this conference?

A: I am participating in most of the events during the summit and giving a presentation at the IPR Protection Forum for MNCs. We look forward to more in-depth discussions with relevant organizations and MNCs to learn how we can best support them, such as providing business resources, consultations, match-makings, project support and collaborating together for shared benefits.

Q2. Regardless of the impact of COVID-19, the fundamentals of China's long-term sound economic growth will remain unaltered, as will its commitment to progressively open up. The Chinese market is becoming increasingly important for the growth of global corporations. What are your thoughts on the prospects for multinational firms' development in China in this context?

A: In 2021, foreign investment in China hit a record high given the continued attraction of the Chinese market. MNCs are optimistic about the fundamentals of China's resilience, market potential and long-term economic outlook, as well as new opportunities brought by China's green energy policies and the dual-carbon target. They are actively participating in China's economic transformation and green industry development in many different ways and are forecasting a very promising future.

Q3. China aims to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. What new opportunities do you think China's carbon goals will bring to foreign-invested companies?

A: To achieve the goal of "dual-carbon", it requires the transformation and upgrading of energy structure and the innovative development of green technology, which in turn will create the following opportunities:

1. Investment opportunities in energy transformation:

Adjusting energy structure through investment, new technologies, new materials and new business models emerging in this process are all investment opportunities, which includes renewable energy, clean energy technology, energy conservation and emission reduction of production facilities, smart grids, clean utilization technology of traditional energy, and green and low-carbon operations.

2. Investment opportunities for industrial innovation:

Clean and electrification of energy production will drive the replacement of electric energy and improve energy efficiency, such as in energy consumption, and promote the upgrading of industrial structure and the improvement of energy efficiency, which includes electrification of industrial processes, new energy vehicles, green buildings, and other energy-saving products.

3. Digital technology investment opportunities:

Digital technology is a new variable for improving the quality and efficiency of the economy and promoting green and low-carbon development. The "dual carbon" goal will lead to the deep integration of digital technology and the real economy and create a green focus for economic development. In the future, investment in digital infrastructure such as the energy internet and smart cities will continue to increase, and new digital technologies and business models will continue to emerge. Therefore, cloud computing, artificial intelligence, the internet of things, smart energies, virtual factories, electronic payments and digital transactions, and other technologies, as well as their application areas, all deserve our attention.

Q4. Now Shandong is building a new development pattern and intends to become a highland for its opening-up to the outside world. What is your impression of Shandong's economic, social, and business environment?

A: Let me answer by referring to two of my personal experiences.

In May 2021, I participated in the "High-end Manufacturing Approaching Shandong" event hosted by the Shandong Provincial Department of Commerce. The schedule included both indoor match-making and field project investigation. It was hot then, and the leaders of the Shandong Provincial Department of Commerce and the Shandong Provincial Investment Promotion Center took great efforts for us to maximize cooperation with Shandong enterprises.

In September 2019, I participated in the "Shandong Trip for Foreign Institutions in China" event hosted by the Foreign Affairs Office of Shandong province. In addition to arranging for us to meet with relevant leaders of the Shandong Development and Reform Commission, I also spent five days in Jinan, Yantai, and Qingdao with the main leaders of Shandong Foreign Affairs Office for in-depth exchange and investigation. Representatives from foreign institutes in China expressed interest in meeting with a company in Shandong. The staff of Foreign Affairs Office of Shandong province quickly contacted the company. That night, a representative from the company drove several hours to meet with us. It left a lasting impression on me.

The provincial government and local departments in Shandong are united in their commitment to provide enthusiastic, thoughtful and meticulous service. Such sincerity, combined with incentive programs to "streamline administration and delegate power, improve regulation, and upgrade services". I believe the near future will be fruitful.

In summary, my view of Shandong's business environment is of great potential, friendly and open, and pragmatic and thoughtful.