China's Vice-Minister of Finance Liao Min stressed that high-quality development is fundamentally about sustainability, underscoring the country's firm commitment to a green transition at a recent seminar held at the Asian Development Bank's headquarters in Manila.

He noted that China's 15th Five-Year Plan (2026-30) contains 20 major indicators for economic and social development, eight of which are binding. Notably, five of these binding indicators are related to green and low-carbon development, highlighting the country's strong determination to pursue environmentally sustainable growth and build a beautiful China.

At the same time, digitalization is improving the efficiency of traditional industries, while technological innovation is paving the way for broader economic transformation. China is accelerating the implementation of its innovation-driven development strategy, with total factor productivity maintaining steady growth, he said.

Liao also highlighted China's solid economic performance. The country's gross domestic product surpassed 140 trillion yuan ($20.53 trillion) last year, with growth remaining within a reasonable range and contributing around 30 percent to global economic expansion. Meanwhile, China has continued to optimize its economic structure, advance green and low-carbon development, promote digital transformation, boost consumption, and expand effective investment.

He emphasized that China will remain focused on managing its own affairs effectively, while resolutely advancing high-level opening-up to provide greater certainty and stability to the global economy.

Consumption, he said, has become the leading engine of China's economic growth. To further unlock domestic demand, the government is placing greater emphasis on consumption as the priority of its economic rebalancing efforts.

China's role in global trade also remains significant. Last year, imports reached 18.5 trillion yuan, making China the world's second-largest import market for the 17th consecutive year, following the United States. Imports expanded from more than 130 countries and regions, and China has become a major export destination for nearly 80 economies.

With a population of 1.4 billion, including around 400 million middle-income consumers — a figure expected to double to 800 million over the next decade — China is poised to generate even greater demand for imported goods and services, he said.

The seminar, organized by the ADB-PRC Regional Knowledge Sharing Initiative, featured Liao delivering a keynote speech and joining a panel discussion alongside ADB Vice-President Scott Morris and ADB Chief Economist Albert Park. The event drew around 400 participants, including ADB employees and board members, with more than 100 attending online.

In his keynote speech, Liao described the Asian Development Bank as a key participant in China's reform and development, while noting that China has also been a strong supporter of the institution in fulfilling its mandate and mission. Standing at the new starting point following four decades of cooperation, the two sides should explore new areas of collaboration and continuously elevate their comprehensive partnership, he said.