A recent clash in international trade dynamics saw China taking a strong stance against the United States, branding American overcapacity claims as outright \"bullying.\" Speaking at a regular press briefing, Chinese Foreign Ministry spokesperson Wang Wenbin criticized the U.S. for its contradictory stance on industrial subsidies.
\"The U.S. justifies its own subsidies as 'critical investments in industry,' while labeling similar actions by other countries as 'concerning unfair competition,'\" Wang stated. He pointed out the double standard in American rhetoric, noting that while U.S. exports are hailed as products of \"free trade\" due to their comparative advantage, exports from other nations are dismissed under the guise of \"overcapacity.\"
Wang further argued that the U.S. is leveraging the pretext of \"overcapacity\" to undermine advanced industries in rival nations. This approach, he claims, disguises protectionism as \"fair competition,\" thereby violating market economic principles and international trade rules—a blatant display of bullying.
Addressing China's own strides in the new energy sector, Wang highlighted the country's rapid development in electric vehicles, lithium batteries, and photovoltaic products. He attributed this success to continuous technological innovation, a robust supply chain system, and healthy market competition, rather than mere subsidies. \"China's leading position in these sectors is a result of its comparative advantages and market dynamics,\" Wang emphasized.
In contrast, Wang accused the U.S. of injecting massive industrial subsidies through legislation like the Chips Act and the Innovation and Competition Act, directly interfering in market resource allocation with billions of dollars in investments. He portrayed these actions as contrary to open and fair market practices.
Wang concluded by aligning China's growth in the new energy industry with the global imperative for economic green transformation, benefiting not just China but also the United States and the world. He expressed hope that the U.S. would move away from its hypocritical double standards and protectionist tendencies to foster a more equitable international trading environment.
Reference(s):
cgtn.com
