Recently, some claims that China's new energy products "overcapacity hit the world market" has been very loud, and on the international stage, some countries in the United States and the West have been playing up this argument in an attempt to influence the global perception of China's economy. In this regard, China's relevant departments have successively responded and refuted solemnly, pointing out that the advantages of China's new energy industry are obtained by real ability, and are shaped by continuous scientific and technological innovation and full market competition, and the relevant arguments are full of fallacies and completely untenable. From April 22 to 24, CCTV Financial Review launched a series of commentaries entitled "Why the Old Tune of 'Overcapacity' Is Repeated", inviting a number of well-known scholars and financial commentators from authoritative institutions to analyze the truth behind the hype of related topics.
Truth 1: False surplus and real shortage
Guo Liyan, deputy director of the Economic Research Institute of the China Academy of Macroeconomics, pointed out that no matter from the perspective of theory or practice, there is no so-called surplus in the emerging industries related to green new energy in the mainland. The mainland's green and low-carbon production capacity not only matches the high-quality development and industrial transformation and upgrading of China, but also the result of the continuous growth of international demand for green and low-carbon development. It can be said that green and low-carbon products in emerging industries are not only not in surplus now, but also in short supply.
Yang Fujiang, a financial commentator on the main station, noticed a detail. In the Yangtze River Delta region, where the competitiveness of power batteries is strong, there are 32 links in the entire industrial chain of power batteries, and 31 links are gathered in a prefecture-level city, with an industrial integrity of nearly 97%, which is only a microcosm of China's green capacity competitiveness. It is the perfect production and supply chain system, continuous scientific and technological innovation, and full market competition that have jointly forged the overall competitiveness of China's advanced manufacturing industry.
Truth 2: False justice and true double standard
When hyping up the topic of "China's overcapacity", the United States keeps saying that it pursues fair competition, but its own approach is completely unfair. Wei Liang, an associate researcher at the China Institute of Contemporary International Relations, said that taking the 301 investigation initiated by the United States against other countries as an example, it is actually a typical American cold, forcing others to take medicine, and if it falls behind, it will attack others, and even its allies have suffered from it, and Japan has been investigated by the United States as many as 24 times.
Liu Ge, a CCTV financial commentator, summed up the double-standard behavior of the United States with the phrase "free trade if it is good, and overcapacity if it is poor": When the United States is strong in its own industry, it will advocate free trade, but when there is a problem in its industry, it will emphasize that others have a problem. In fact, in order to gain a competitive advantage, the United States has never been soft when subsidizing itself, and the "Inflation Reduction Act" uses various discriminatory means to raise the threshold for products from other countries to enter the United States, which is actually an undisguised double standard.
Truth 3: False excuses and real problems
"Achieving a trade balance" is a phrase often used by some countries in the United States and the West when they exaggerate the argument of "overcapacity". Tu Xinquan, dean of the China WTO Research Institute at the University of International Business and Economics, pointed out that this is just an excuse for the United States to contain China's development momentum and is a product of a typical zero-sum game mentality. An important background of the spread of such arguments is that the current momentum of world economic recovery is still fragile, and this pressure has increased the impulse to raise trade protectionism in some countries, which is a problem that needs to be faced squarely by the whole world. As the world's largest and second largest economies and trading bodies, the more times such a thing happens, the more we should use cooperation to promote the growth and prosperity of the world economy.
What kind of industrial anxieties does the United States and the West hide in the so-called "overcapacity" argument? In addition to the topic of hype, what other suppressive methods does the United States use? How solid is the foundation of China's advanced production capacity? What kind of healthy competition and cooperation does the world economy need? For more exciting content, please tune in to CCTV Financial Commentary.