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China must balance its economic wellbeing with its goal of achieving carbon neutrality before 2060, while also participating in the development of global sustainability standards, said Former Deputy Minister of Finance Zhu Guangyao at a forum held by the Center for China and Globalization (CCG) on Monday.

China needs average annual growth of around 5% over the next five years to overcome the middle-income trap and boost per capita income to over USD12,000 from USD10,000, while lowering energy consumption per unit of GDP by 13.5% and carbon dioxide emissions per unit of output by 18%, said Zhu, now a CCG advisor and counselor to the State Council.

The establishment of a 14-member committee to negotiate IFRS global sustainability standards is expected to be announced during the upcoming UN Climate Change Conference in November, said Zhu, adding that China's voice needs to be reflected in the process.