Experts shrug at U.S.' false narratives of China

2024-05-23 Editor : Li Yan ECNS App Download

An increasing number of experts and business leaders worldwide have shrugged off at the United States' false narratives on China's "overcapacity" and recent tariff hikes on some Chinese products, pointing out that the U.S. tramples on the principles of the market economy and goes against the international trend of low-carbon transformation just in attempts to curb China.

"Basically, what's happening is that China is a threat to the U.S. hegemony. It's not a threat to the U.S. It's not a threat to you. It's not a threat to me. It's not a threat to take over the United States at all. But it is a threat to the claim that the U.S. runs the world. That is leading to a neurotic reaction," said Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, who served as an adviser to three United Nations secretaries general.

"If you want to see the neurotic reaction, people should look at Foreign Affairs magazine, which is the magazine of the Council on Foreign Relations, the establishment institution.

"Every issue is, are we still number one? What are we gonna do? How do we stay ahead of China? How do we contain China? Everything is about China, not because China is threatening us, but because China is showing we don't run the world the way we like to think we run the world."

Refuting the "China overcapacity" narratives, Vaughn Barber, chair of the China-Australia Chamber of Commerce, said that Chinese electric vehicles are performing exceptionally well in Australia, benefiting from technological prowess and economies of scale.

This positions Chinese companies to potentially partner with Australia in driving energy transformation, said Barber.

He said that leveraging China's technological and cost advantages through collaboration could not only expedite decarbonization efforts in both countries but also serve as a model for joint action against climate change.

Wei Jianguo, China's former vice-minister of commerce, said that the U.S.' false narratives on China's overcapacity manifest its escalating anxiety in response to the swift growth of China's new energy industry.

"The claims are used to shift blame for their own inaction while trying to suppress China's tech and industrial progress. The international competitiveness of China's 'new trio' products - new energy vehicles, photovoltaic products and lithium batteries - results from continuous innovation, a robust supply chain, and high labor productivity," Wei said.

"Market forces balance supply and demand, and terms like 'overcapacity' defy economic principles," he said, adding China's focus on progress and innovation will lead it to be a global innovation leader.

Their opinions are widely shared by foreign investors in China, while affirming their confidence in the Chinese economy.

Tao Lin, vice-president of the U.S. new energy vehicle maker Tesla Inc said the Tesla is a beneficiary and an example of enhanced Sino-U.S. cooperation. It has put its first gigafactory outside the U.S. in Shanghai, which contributed to over half of the company's global output last year.

Over the past decade, Tesla has witnessed a remarkable transformation from solely selling imported vehicles in China to gradually recognizing the immense potential of this market. This has led the company to invest significant resources in the Chinese market, said Tao.

She said this exemplifies how successful cooperation between China and the U.S. can truly improve people's lives in both sides.

Robert Chu, vice-president for operations at FedEx China, said the U.S. logistics provider will continue to invest in network development, digital-related services and key regions in China this year.

As one of the most dynamic and promising bay areas in China, the Guangdong-Hong Kong-Macao Greater Bay Area has attracted business of all sizes at home and abroad with its lucrative business opportunities, said Chu, adding the company has recently upgraded its gateway facility in Shenzhen, Guangdong province.

"With the newly renovated and expanded import warehouse, our import operations and customs clearance have become more efficient," he added.


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