In a recent statement, U.S. Treasury Secretary Janet Yellen raised concerns about China's role in the global clean energy market. Speaking at Renmin University during the \"Five countries think tank joint research report release and international symposium on China's 'Compounding Interest': High-Quality Development and Outlook for 2035,\" Yellen accused China of \"dumping\" affordable clean energy products. She warned that this practice is depressing market prices and squeezing green manufacturing within the United States.
John Ross, former director of economic and business policy for the mayor of London, offered a counterpoint to Yellen's remarks. Ross highlighted China's leading position in clean technology production, noting that the country supplies about 80% of the world's solar power products, 60% of wind power equipment, and 30% of water power technologies. He emphasized that China's vast production capabilities are essential for the global transition to renewable energy, especially for smaller nations that lack the infrastructure to produce these technologies domestically.
Ross criticized Yellen's approach, arguing that discouraging the use of China's cost-effective suppliers will make the renewable transition more expensive for the U.S. and other countries. He pointed out that many nations prioritize economic development over political alignment, as evidenced by China's successful Belt and Road Initiative, which includes a diverse range of countries with different political systems. According to Ross, Yellen's stance not only harms the U.S. economy but also hampers global efforts to adopt sustainable energy solutions.
The discussion also touched on the broader economic competition between the U.S. and China. Ross noted that while China's economy has been growing at a faster rate than the U.S., the U.S. policies aimed at slowing China's growth could have detrimental effects on the global economy. He stressed that the United States should focus on improving its own economic strategies rather than attempting to impede other economies.
Looking ahead, Ross expressed concerns about the continuation of non-peaceful economic competition between the U.S. and China. He suggested that without adjustments in U.S. economic policies, tensions are likely to persist over the next decade or two. Despite these challenges, Ross remains optimistic that outright conflict can be avoided, although some level of tension may continue.
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The 'China dumping clean tech' argument is damaging the U.S.
cgtn.com
