Interview: China plays significant role in promoting global transition to green economy, says WEF managing director

TIANJIN, China, July 1 (Xinhua) -- China is playing a significant role in promoting the global transition to a green and renewable economy, Jeremy Jurgens, managing director of the World Economic Forum (WEF), has said.

"We see (Chinese) champions like CATL and BYD that have played an important role not only domestically, but also internationally in providing the capabilities to electrify," Jurgens told Xinhua on the sidelines of the 14th Annual Meeting of the New Champions of WEF, or the Summer Davos, held here on June 27-29.

He added that electrification is crucial for the entire global economy to make a massive shift from a resource-based and oil-dependent economy to a renewable one.

He further observed that Chinese companies have emerged as leaders in advanced manufacturing facilities, leveraging 5G technologies and robots. "China's best manufacturing facilities are quite advanced," he said.

He also noted that Chinese factories are taking the lead in automation and digitalization, "which presents a great opportunity both for those Chinese companies, but also for foreign ones that want to take advantage of some of these world-class capabilities."

While talking about China's "dual carbon" goal, Jurgens underscored the immense investment opportunities it has created for the world.

The opportunities have been created across all sectors, particularly in areas where "China is already strong," he said.

Taking solar manufacturing as an example, Jurgens pointed out that production costs have decreased by approximately 85 percent globally over the past decade, largely driven by the scale manufacturing that China has provided "not only domestically, but again to the world."

Over 1,500 participants from the business community, governments, civil society, international organizations and academia attended the Summer Davos this year.

The annual meeting's program included dozens of public and private sessions covering six key topics: rewiring growth, China in the global context, energy transition and materials, post-pandemic consumers, safeguarding nature and climate, and deploying innovation.