In recent years, Chinese scholars have actively carried out research on the economics of sustainable development, producing numerous research findings and establishing a relatively complete theoretical system. As our society transforms from an industrial civilization into an ecological civilization and strives to achieve high-quality economic development, the field of sustainable development economics is discovering new opportunities and undertaking an important mission.

“As a new branch of development economics, the economics of sustainable development covers a wider range of content than environmental economics and natural resource economics, featuring distinctive integrity, systematicness and comprehensiveness,” said Pan Jiahua, Member of the Chinese Academy of Social Sciences (CASS). It expands the scope of development economics. First of all, further development is necessary for economic and social progress as well as the improvement of people’s well-being. Meanwhile, development should be sustainable, meeting the needs of both the current and future generations. Socio-economic development shouldn’t be achieved at the cost of clean air, water or soil.

Zhong Maochu, a professor at the Nankai Institute of Economics, said that sustainable development means achieving economic growth based on the sustainability of the natural ecosystem that humans depend on for survival and development. By this definition, the mission of the economics of sustainable development is to introduce the concept of sustainable development into other economic theories. For example, introducing this concept into political economics means that relations of production should adapt to both the level of productive forces and the carrying capacity of natural ecosystems. Combining this concept with macroeconomics means that in order to achieve the economic growth of a country or a region, we need to regard the carrying capacity of the ecological environment as a precondition for determining development goals and policies.

In terms of research approach, the international academic community has grown beyond neoclassical economics in the study of the economics of sustainable development, taking into consideration the natural limits of economic growth so as to systematically study economic growth, said Zhu Dajian, a professor from the School of Economics and Management at Tongji University.

Li Guoqing, a research fellow at the CASS Institute for Urban and Environmental Studies, said that the economics of sustainable development has innovated with traditional economics by emphasizing the value of nature itself and regarding the harmonious coexistence of man and nature as a consensus and ethical foundation for development.

As China’s economy is transitioning into a stage of high-quality development from a high-speed stage, scholars should incorporate eco-environmental factors into the research frameworks of both theoretical and practical economics, Zhong suggested. In addition, the construction of an ecological civilization and the prevention and control of pollution has provided cases and a practical foundation for the theoretical improvement of sustainable development economics.

“The economics of sustainable development has important theoretical significance for economic transformation. In particular, theories relating to economic growth and welfare improvement should fully consider the factor of sustainability,” Zhu said. The economics of sustainable development can provide theoretical perspectives and research tools for green development. It also helps formulate basic policies concerning economic development scales, efficiency and social equality.

In traditional economic growth theories, economic growth mainly comes from the conversion from natural assets to monetary assets, capital investment and consumption growth driven by population growth. As environmental quality has become an indispensable ingredient for a better life in the new era, more attention should be paid on how to achieve high-quality and green growth. We should follow President Xi Jinping’s thought on ecological civilization, improve the system for building an ecological civilization, seek green development and drive economic revitalization and social vitality through ecological revitalization. In this context, the economics of sustainable development has broad space for development, Li continued.

Zhong suggested that further attention be paid to ecological efficiency and ecological justice. The concept of a community of shared future for mankind should be included in the study of global sustainable development, making the concept an integral part in the economics of sustainable development.

Economic growth, social equality and the sustainability of environmental resources are the three methodological foundations of current economics of sustainable development. Scholars should broaden research perspectives and scopes according to Transforming Our World: The 2030 Agenda for Sustainable Development adopted at the United Nations Sustainable Development Summit in 2015, Pan said.

The construction of an ecological civilization and the concept of green development in China uphold multi-party coordination and win-win cooperation while emphasizing a balance between socio-economic development and natural environments. Conceptual and institutional innovation in the construction of an ecological civilization is a valuable force for realizing global sustainable development and building a community of shared future for mankind, Pan concluded.