Since the 18th CPC National Congress, with the in-depth promotion of pilots for the ecological product value-realization mechanism and the development of local practices and explorations, important progress has been made in theoretical research, mechanism innovation, practice of characteristic models, and other aspects related to the realization of the value of eco-products in China. Despite such progress, innovative breakthroughs are still needed.

Eco-product reinterpretation

It is necessary to further deepen the understanding of eco-products, based on the overall reality of eco-conservation. In addition to naturally occurring eco-products, ecologically neutral products (composed of input factors conducive to the restoration of value in non-natural systems) can also be regarded as generalized eco-products.

This expands the connotations of eco-products and helps promote the coordinated development of “ecological industrialization” and “industrial eco-development.”

Value-realization measures

The value accounting, evaluation, and assessment mechanisms of eco-products should be improved. A scientific value accounting system should be quickly established. Based on the principles of applicability, continuity, and operability, the dynamic adaptability of eco-product value accounting methods and eco-product types should be enhanced. Eco-product value accounting pilot projects should be carried out, and the construction of an appropriate value accounting system for key areas with eco-functions such as national parks should be explored. Big data technologies should be employed to check natural resource assets. Technologies for evaluating eco-product value-realization should be explored. Application of the outcomes of eco-product value accounting should be strengthened in areas such as eco-property rights transaction, and eco-compensation, and relevant incentives and constraint mechanisms improved.

A multi-tiered eco-protection compensation system should be built. The vertical compensation mechanism should be optimized and transfer payments for key eco-functional areas increased. Cross-regional horizontal eco-compensation mechanisms should also be improved. We will improve diversified sources of compensatory funds for eco-protection and give full play to the synergy between the government and the market. Market-oriented funds such as green credit should provide increased guidance, and social capital should be introduced to participate in eco-protection compensation.

We should improve the market-based trading system for eco-products and eco-property rights. On the one hand, we should improve market mechanisms for eco-products and unblock the production, circulation, and consumption of eco-products. We will strengthen ecological and environmental governance and protection, increase investment in high-quality production factors in eco-agriculture, eco-tourism and eco-intensive processing industries, and vigorously promote the integration of primary, secondary, and tertiary industries. The eco-product circulation system should be enhanced, and efficient circulation channels connecting offline resources to online demands should be expanded. Branding efforts should be constantly expanded, further establishing eco-products as “premium goods.”

On the other hand, we will also support the construction of eco-rights and interests trading platforms and establish a system for eco-rights and interests confirmation, an accounting, trading, and transfer registration system and an integrated management platform, while accelerating the construction of carbon emission rights trading systems.

Financial and digital aids

The eco-financial system should be consolidated and we should explore new ways of leveraging the “Two Mountains Theory” [in which lucid waters and lush mountains are invaluable assets, comparable to the gold and silver mountains of legend] to build new revenue streams. For major eco-restoration projects with strong public nature, large capital demand, and long investment cycles, the government should play a leading role in expanding channels for financing. For eco-products with a high degree of marketization and a short investment cycle, the policy guarantee system should be continuously optimized to fully expand the role of eco-credit and other channels. An eco-credit evaluation system should be actively built and the innovation of eco-financial products should be strengthened.

The application of digital technologies to facilitate the value-realization of eco-products should be strengthened. The supporting role of digital technologies in eco-restoration should be further leveraged. Digital technologies should also be applied to further support and promote the intelligent development of aquaculture. Digital technologies to promote rights confirmation and management of natural resource assets should be strengthened. Digital technologies should be further applied in the eco-transition of industries to promote green, intelligent transformation of enterprises. Big data network platforms should be employed to enhance the branding and positioning of eco-products and strengthen digital governance capabilities.

It is necessary to adjust measures to local conditions, focus on key points, and explore differentiated patterns of eco-product value realization in combination with practical exploration. For different regions, eco-restoration, system governance, and comprehensive development should be strengthened, the authenticity and integrity of natural ecosystem functions should be restored, and the supply capacity of eco-products should be continuously improved. In the context of achieving carbon goals, actively promoting carbon emissions trading and energy trading should receive further attention.

Sun Bowen is an associate research fellow from the Institute of Quantitative and Technological Economics at Chinese Academy of Social Sciences.