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Bulletin of Chinese Academy of Sciences (Chinese Version)

Keywords

lucid waters and lush mountains are invaluable assets, ecological GDP, ecological interest, Green Certificate, new quality productive forces, value transformation

Abstract

Based on the concept of “lucid waters and lush mountains are invaluable assets”, this study investigates the theoretical connotation and accounting pathways of ecological GDP. (1) The core connotation of ecological value is elucidated from three dimensions—time, space, and civilization—and an economic quantification framework of principal–interest–interest rate is constructed. With four categories of ecological products as the foundation, the Green Certificate as the entitlement instrument, and a 5% annual simple interest rate as the accounting benchmark, ecological value is transformed from qualitative description to quantitative accounting. (2) The concept of ecological new quality productive forces is proposed, revealing its four-dimensional attributes of innovation-driven, factor reconfiguration, high efficiency with low consumption, and green sustainability, and clarifying the wealth appreciation mechanism of principal retention with continuous interest realization. (3) Ecological value is categorized into three dimensions: natural regulation value (foundational public welfare value, excluded from economic accounting), ecological environment service value (derivative value embedded in traditional industries), and ecological economic value (endogenous new quality wealth incorporable into GDP). (4) Three pathways for incorporating ecological value into GDP accounting are proposed: direct inclusion through market transactions, government purchase of Green Certificates replacing fiscal transfer payments, and virtual transaction accounting analogous to owner-occupied housing imputed rent, covering all scenarios of explicit, public, and implicit ecological value. Using the Yellow River Basin as a case study, the average annual aggregate supply of ecological products across its nine provincial-level regions is estimated to be equivalent to 2.755 billion Green Certificates, with annual ecological GDP reaching RMB 275.5 billion. This study provides both a theoretical foundation and a practical pathway for developing an ecological GDP accounting framework and for facilitating the transformation of ecological advantages into economic advantages.

First page

1305

Last Page

1317

Language

Chinese

Publisher

Bulletin of Chinese Academy of Sciences

References

[1] Radermacher W J. GDP and beyond: Why treating nature as capital cannot save the planet. Nature, 2026, 653: 984-984.

[2] Commission European, International Monetary Fund, Organisation for Economic Co-operation and Development, et al. System of National Accounts 2025. New York: United Nations, 2025.

[3] 王光谦, 钟德钰. “绿水青山就是金山银山”的生态利息理论及在黄河流域的应用. 中国科学院院刊, 2026, 41(5): 986-995. Wang G Q, Zhong D Y. Ecological interest theory of “lucid waters and lush mountains are invaluable assets” and its application in the Yellow River Basin. Bulletin of Chinese Academy of Sciences, 2026, 41(5): 986-995. (in Chinese)

[4] 王光谦. “绿水青山就是金山银山”理念指引下黄河流域生态GDP实现途径及远景展望. 中国科学院院刊, 2025, 40(7): 1143-1156. Wang G Q. “Lucid waters and lush mountains are invaluable assets”: Pathways and prospects for ecological GDP in the Yellow River Basin. Bulletin of Chinese Academy of Sciences, 2025, 40(7): 1143-1156. (in Chinese)

[5] 王光谦, 钟德钰. 绿水青山之绿证与黄河示范. 中国科学院院刊, 2025, 40(11): 1949-1962. Wang G Q, Zhong D Y. Green certificate of “lucid waters and lush mountains” and the Yellow River demonstration. Bulletin of Chinese Academy of Sciences, 2025, 40(11): 1949-1962. (in Chinese).

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