Peter Bakker

Editor's Note:

2026 marks the opening year of China's 15th Five-Year Plan period (2026-30). The outline of the Plan sets out the following development goals for the coming five years: significant achievements in high-quality development, substantial improvements in scientific and technological self-reliance and strength, fresh breakthroughs in further deepening reform comprehensively, notable cultural and ethical progress across society, further improvements in quality of life, major new strides in advancing the Beautiful China Initiative, and further advances in strengthening the national security shield. 

The Plan's outline also calls for steadily expanding opening-up at the institutional level, building a new system for a higher-standard open economy, promoting the high-quality development of the joint construction of the Belt and Road Initiative, promoting broader international economic flows, drawing momentum from opening-up to propel reform and development, promoting an equal and orderly multipolar world and universally beneficial and inclusive economic globalization, and sharing opportunities with the rest of the world and promoting common development.

As China advances the building of a new development pattern, it will have far-reaching impact on the world. Volume V of the book series Xi Jinping: The Governance of China includes part of Chinese President Xi Jinping's written speech delivered at the APEC CEO Summit held in San Francisco, the US, in 2023 - titled "China Development: New Momentum and Opportunities for the World." In the speech, President Xi noted that "we have the confidence and ability to achieve long-term and stable growth, and through our development, we will continue to offer the world new growth momentum and opportunities."

In the 22nd installment of the special series "Decoding the Book Xi Jinping: The Governance of China," focusing on the main economic and social development goals for the 15th Five-Year Plan period, the Global Times, along with the People's Daily Overseas Edition, continues to invite Chinese and foreign scholars, translators of Xi’s works, practitioners with firsthand experience, and international readers to explore how the medium- and long-term development blueprint outlined in the 15th Five-Year Plan can be translated into an “opportunity list” shared with the world.

In the 22nd installment of the "Readers' Reflections" column, Global Times reporter Ma Tong (GT) spoke with Peter Bakker (Bakker), President and CEO of the World Business Council for Sustainable Development (WBCSD), on how China's 15th Five-Year Plan is opening up new space for green growth, innovation and global business cooperation. Bakker said the opportunities released by the plan are significant enough to reshape how global companies work together.


GT: 2026 marks the start of China's 15th Five-Year Plan period (2026-30). On January 20, President Xi Jinping, speaking at the opening of a study session for principal officials at the provincial and ministerial levels, emphasized that "with a large population, a vast market, a complete industrial system, and strong development momentum, China is well-positioned to accelerate the creation of a new development pattern." As an international business leader, how do you evaluate the resilience and development momentum of China's economy during the 15th Five-Year Plan period? How does China's acceleration in constructing a new development paradigm create strategic value for international enterprises in the global competitive landscape? 

Bakker: The development strengths highlighted by President Xi are the important foundation for the stable operation of China's economy, and will provide key support for China to continue making new achievements during the new five-year planning period.  

In my view, China's strong economic resilience lies in the fact that its super-sized market can continue to generate stable consumer demand, that it has a complete industrial system with strong supply-chain support and high coordination efficiency, and that its industries are moving steadily toward greener, more innovation-driven development, with strong momentum. This is exactly where China's confidence in achieving high-quality and sustainable development comes from. 

Looking ahead to the 15th Five-Year Plan period, I see three clear and powerful growth drivers. The first is the faster development of green industrialization. China's scale advantages in clean technologies such as photovoltaics, lithium batteries and new energy vehicles (NEVs) allow it to turn climate action directly into economic momentum - something unique in the world.

The second is the deeper integration of technological and industrial innovation. The emphasis on new quality productive forces in the plan will enable China's R&D capabilities to connect more closely with the world's most complete manufacturing system, significantly speeding up the shift from technological breakthroughs to market application.

The third is the stronger synergy between domestic and international circulation. With the building of a new development pattern anchored in the domestic market, China will not only attract high-quality global resources, but also help bring its sustainable solutions to the world.

For the more than 230 global member companies of WBCSD, deepening cooperation and engagement with China is not just an option, but a strategic imperative for maintaining global competitiveness. China is both an important testing ground for the global sustainability industry and a base for scaling up applications. Whether European companies are looking to deploy green technologies or North American businesses are seeking low-carbon supply chain partnerships, China is an indispensable hub. Deepening cooperation with China in sustainable business has become a key strategic choice for multinational companies seeking to hedge geopolitical risks and advance their net-zero emission ambitions.

GT: In Volume V of Xi Jinping: The Governance of China, the article "Build New Mechanisms for a Higher-Standard Open Economy" states that "opening up is a defining characteristic of Chinese modernization." On January 16, when accepting credentials presented by 18 foreign ambassadors, President Xi stressed that the recommendations for the 15th Five-Year Plan are the blueprint for China's economic and social development over the next five years and will unlock a growing array of opportunities for the world. He said that "China will open its doors still wider, and inject greater certainty and fresh momentum into the world through its high-quality development, so that countries will realize common development and shared prosperity." For international businesses, what medium- to long-term opportunities for cooperation in this period deserve the most attention? And what certainty does China's commitment to opening-up provide for businesses and for the stability of the global economy?

Bakker: President Xi's reference to the recommendations of 15th Five-Year Plan as unlocking opportunities to the world has been highly encouraging for the international business community. From the WBCSD's perspective, the opportunities the new plan creates are significant enough to reshape global business cooperation. In the field of sustainable development, the biggest opportunities lie in areas such as the clean energy value chain, circular economy development, green supply chains, and the integration of industrial digitalization with low-carbon transformation - all key tracks for global companies pursuing sustainability transitions. China already has large-scale industrial capacity, with clear policy direction and abundant application scenarios, giving international businesses genuine room for cooperation and commercial returns.

For example, as China pushes its dual carbon goals further during the 15th Five-Year Plan period, demand is likely to rise more quickly in areas such as cross-border carbon trading, green bonds and carbon-backed financing. Multinational companies, especially financial institutions and firms with low-carbon technologies, can work with Chinese partners to promote mutual recognition of standards and unlock green market potential worth trillions of dollars. This is also likely to become an important entry point for cooperation between Chinese and European companies.

In addition, China's commitment to higher-standard opening-up gives global businesses a stable and predictable environment for sustainable cooperation, along with valuable certainty for future growth. A stable foreign investment access environment and a fair market order protect the lawful rights and interests of multinational companies investing in China. Meanwhile, cross-border flows of technology and capital through various international cooperation platforms enable global businesses to share, on an equal basis, the opportunities created by China's super-sized market and speed up the global deployment of sustainable technologies.

China has shown through concrete actions that high-standard opening-up is not a slogan, but a strategy being steadily advanced. That certainty is exactly what companies need for long-term investment and industrial planning, and it also provides key momentum for stable global growth.

GT: Green development is a defining feature of Chinese modernization. The outline of the 15th Five-Year Plan (2026-30) for national economic and social development calls for accelerating the green transition across the board and building a beautiful China. The Central Economic Work Conference in December also called for efforts made to promote a comprehensive green transformation, with carbon emissions peaking and carbon neutrality as the goals. President Xi has stressed that "China will stay firmly on the path of green development and continue to be an important force for global green transition." Based on your industry experience, how do you view China's implementation and concrete progress in green development? And what does China's practices mean for other countries facing global challenges such as climate and energy?

Bakker: The WBCSD has closely followed China's green development efforts. China's progress in advancing sustainable development - and the commercial results it has delivered ̵ is there for all to see. 

China has led the world in clean energy investment for years. In areas such as photovoltaics, wind power and new energy vehicles, it has built complete industrial chains from core components to end-use applications, making it possible to deploy and commercialize green technologies on a large scale. That has turned green development from an idea into a real and profitable business practice. At the same time, China's low-carbon upgrading in energy-intensive sectors such as steel and chemicals, along with the development of zero-carbon factories and green supply chains, has woven sustainability into the entire industrial production process and created a replicable path for green industrial transformation.

From a global perspective, China's practices have provided important industrial and business solutions for tackling climate and energy challenges. Large-scale production has continued to drive down the cost of clean energy technologies, making them affordable for more industrial and commercial users in developing countries and speeding up the broader adoption of green technologies.

Amid faster progress toward a comprehensive green transition over the next five years, China's green development has moved beyond advocacy and entered a more systematic and large-scale phase. It is expected to keep generating new momentum in areas such as industrial low-carbon transformation, green technology innovation and sustainable supply chains, while also offering the global green transition more stable and replicable practical experience.

GT: In May 2025, President Xi, in an instruction on the work concerning the compilation of the 15th Five-Year Plan, emphasized the importance of integrating top-level design with seeking advice from the public, enhancing research and discussions, and building broad consensus. Since last year, the Chinese government has gathered views through various channels and from across society, including private enterprises, foreign-invested firms and international experts. From your perspective, what governance philosophy does this reflect? And how does it help strengthen policy stability, development expectations and social consensus?

Bakker: In my view, the way China formulates its development plans reflects a governance model that combines clear "top-level design" with broad-based consultation. This approach not only preserves the country's strategic direction for development, but also incorporates practical experience from businesses, experts and different sectors of society, ensuring that the plan is both strategically oriented and closely aligned with reality, and therefore workable in practice.

When President Xi refers to "seeking advice from the public," it is not a symbolic exercise. It means bringing private enterprises, foreign-invested companies and international experts into the policy discussion and planning process. From the perspective of the international business community, this shows that China values the role of enterprises and market players, and that the government is willing to maintain ongoing dialogue with the business sector, seeing it as an important partner in driving economic development.

This approach helps create more stable policy expectations and build broader consensus across society. When foreign-invested and private companies are involved in drafting the plan, it signals that policy decisions take market demand and the real challenges faced by businesses into account. That reduces the risk of a disconnect between policy and the market, and gives companies the confidence to plan and invest for the long term.

At the same time, broad consultation ensures that the views of different groups and industries are heard. As a result, the 15th Five-Year Plan is not just a government blueprint, but a development direction that various sectors of society can understand and take part in. At a time of growing geopolitical uncertainty, this kind of stable and consistent policy framework makes China a genuine stability anchor for global investors.