Dhaka,
Sat
27 Jul 2024, 01:14 pm
Debunking the 'China overcapacity' myth
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With China’s automobile production and sales exceeding 30 million for the first time in 2023 and China-made electric vehicles making formidable headway abroad, Washington has reacted with a new round of tariffs against Chinese imports in the new energy sector and the green technology industry. Is the so-called “China’s overcapacity” really flooding global markets? How do you disentangle facts from myths? In this edition of The Hub, Wang Guan talks to Liu Baocheng, dean of the Center for International Business Ethics at the University of International Business and Economics, and to Li Cheng, director of the Centre on Contemporary China and the World at the University of Hong Kong, to discuss the “China overcapacity” myth and takes a closer look at China’s shift toward new quality productive forces. This transition will be “painful but hopeful,” says Liu, as traditional industries bear the brunt of China’s evolving economic structure. He notes that governments worldwide, including the U.S., generally play a role in “jump-starting” new growth drivers and emerging industries through subsidies and other incentives. So is the U.S. employing double standards on subsidies regarding China for political reasons? China’s leadership in green tech and new energy products has been market-driven, Li reckons, and he says that the success of Tesla’s China factory is concrete proof of China’s potential and efficiency.
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