Beijing, October 2023 — In a sharp rebuke, China has criticized recent U.S. allegations of industrial “overcapacity,” labeling them as acts of “bullying” and protectionism. Chinese Foreign Ministry spokesperson Wang Wenbin addressed the issue during a regular press briefing on Tuesday, highlighting what he described as hypocritical double standards in U.S. trade rhetoric.
“The United States justifies its own subsidies as ‘critical investments in industry,’ yet when other countries take similar actions, they are accused of causing ‘unfair competition,'” Wang stated. He emphasized that American exports are embraced as products of ‘free trade’ when advantageous, but exports from other nations are dismissed under the guise of ‘overcapacity.’
Wang accused the U.S. of using the notion of ‘overcapacity’ as a pretext to suppress the advancement of other countries’ industries. “This is protectionism masquerading as fair competition,” he said. “It undermines the principles of market economics and international trade rules, amounting to blatant bullying.”
Highlighting China’s rapid development in sectors like electric vehicles, lithium batteries, and photovoltaic products, Wang attributed success to continuous technological innovation, a resilient supply chain, and healthy market competition. “China’s leading position in these new energy industries is a result of our comparative advantages and market dynamics, not merely subsidies,” he asserted.
In contrast, Wang pointed to substantial U.S. industrial subsidies enacted through legislation such as the CHIPS and Science Act and the Inflation Reduction Act. “The U.S. is intervening directly in market resource allocation with billions of dollars, while criticizing others for doing the same,” he remarked.
Wang concluded by emphasizing that the growth of China’s new energy industry aligns with the global pursuit of a green economic transformation. “This development benefits not just China, but the United States and the world at large,” he said. “We hope the U.S. can abandon its hypocritical double standards and protectionist tendencies.”
Reference(s):
cgtn.com
