Three key industries are leading China’s environmentally friendly green technology: new fuel vehicles, solar panels, and lithium batteries. China is producing these technologies at the lowest cost while maintaining the highest quality. Other countries are benefiting from this, as they can now make themselves more environmentally friendly at a lower cost. By Faisal Abdullah
Justin Yifu Lin, the former chief economist of the World Bank, discussed this in a recent interview with China Daily.
Lin explained that when a country emerges from a recession and wants to thrive in both domestic and international markets, it needs to set a fair market price in addition to producing high-quality products. China possesses this advantage and, with it, is able to implement high-quality economic development assistance programs worldwide.
Lin made these comments in response to controversy stirred by countries like the United States over the so-called ‘overcapacity’ in China’s new environmentally friendly industries.
Li Taokhui, a researcher at Tsinghua University, told China Daily that Western accusations of overcapacity are exaggerated and contradict the principles of globalization.
Li emphasized that China aims to spread its new energy products, advanced technology, and raw materials globally for the benefit of global development. However, many Western countries are reluctant to participate in this effort.
Ma Yinqiong, a senior analyst at the global consultancy Restud Energy, noted that cost is a significant obstacle for underdeveloped countries. However, thanks to China’s raw materials, these countries can reduce production costs and quickly transition to environmentally friendly production.
China has already loaned about 3.7 trillion yuan to various environmental projects in the first three months of this year, marking the highest growth ever reported by the Central Bank of China.
To address Western concerns, Li Taokhui stated that the West views China with skepticism, particularly regarding its new fuel vehicles. They do not realize that China’s environmentally friendly industries are making significant advancements.
Li provided an interesting analogy: if China’s eco-friendly manufacturing is compared to a gymnast, the West is a nervous spectator, fearing the gymnast will fall during the performance. However, they fail to see that the gymnast can balance many elements and achieve a perfect landing.