兰陵王
‘Overcapacity’ claim groundless as China’s green tech fuels global growth: Tian Xuan_我的网站
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In economic theory, "overcapacity" - for which no universally accepted definition exists - is inherently a recurring feature of the market economy's dynamic "balance - imbalance - rebalance" cycle. The Western narrative that equates China's sizable production capacity directly with "overcapacity" defies economic logic and rigor; in reality, it represents a politicization of trade and economic issues.
First, it confuses the concepts of "capacity scale" and "overcapacity." China's overall industrial capacity utilization remains within a reasonable range. Periodically lower utilization in traditional sectors reflects a normal adjustment as these industries advance toward high-end, intelligent, and green production. Ample capacity in certain emerging industries is precisely what meets surging global demand for high-end, smart, and green solutions. Therefore, equating scale with excess is typical equivocation.
Second, "overcapacity" itself is a dynamic feature of market economies, where no fixed balance persists indefinitely. Judging capacity based solely on static snapshots violates basic economic principles.
Third, it is erroneous to simplistically link trade surpluses or industrial subsidies to overcapacity, while ignoring the macro context of global specialization and cross-border savings-investment structures. It also disregards the reality that reasonable capacity utilization ranges differ across economies at varying stages of development. Imposing a single standard on China is neither scientific nor rigorous.
China's global competitiveness in green technology stems from sustained, large-scale investment in innovation, a comprehensive industrial and supply chain system, massive application scenarios, and intense market competition - not from alleged government subsidies. After decades of long-cycle R&D, Chinese industries have achieved breakthroughs in core technologies such as power batteries and photovoltaic modules.
During the 14th Five-Year Plan period (2021-25), China's nationwide R&D spending grew at an average annual rate of 10 percent. Economies of scale have continuously diluted production costs. China's ultra-large domestic market and full-chain supporting ecosystem provide an optimal testing ground for new technologies - from pilot verification to mass deployment. With more than 200 million market entities driving fierce competition, enterprises are constantly compelled to cut costs, raise efficiency, and upgrade products, thereby forging dual advantages in price and performance that we see today.
There is no direct causation between subsidies and overcapacity. Industrial subsidies are a globally recognized practice, typically aimed at correcting market failures and advancing critical technologies. China's subsidies are granted on an impartial basis to all types of market entities, in full compliance with WTO rules, and have not triggered disorderly capacity expansion.
Currently, capacity utilization in China's green industries remains within a reasonable range. Support is primarily directed toward R&D, technological breakthroughs, and consumer-side incentives through market-based mechanisms - not toward fueling overcapacity. Crucially, China's high-quality capacity has reduced the global cost of green transition, representing an opportunity rather than a shock to world development.
Against the backdrop of global carbon neutrality goals, labeling China's new energy capacity as "overcapacity" is entirely untenable. According to the International Energy Agency, global data center electricity consumption will approach 1 trillion kWh by 2030, with 40 percent of incremental power needing to come from renewables. Demand for wind power, photovoltaics, power batteries, and related green energy solutions remains far from saturated - so claims of "overcapacity" are groundless.
China's capacity plays a central role in advancing the global energy transition. Over the past decade, the levelized cost of electricity from wind and solar globally has fallen by more than 60 percent and 80 percent respectively - improvements largely attributable to Chinese innovation and manufacturing, which have directly lowered the cost threshold for worldwide green transformation.
The US journal Science crowned the global renewable energy surge led by China among its Top 10 Breakthroughs of 2025. Leveraging its technological and scale advantages, China is well positioned to supply abundant, high-quality green energy equipment and solutions, meet fast-growing renewable demand from data centers, industrial production, and other sectors, and tangibly support countries in implementing the Paris Agreement. In short, China is a pivotal force driving the global low-carbon transition.
The so-called "China Shock 2.0" is fundamentally a protectionist narrative rooted in Cold War thinking - a politically motivated claim inconsistent with facts. The rapid development of China's modern industries is driven by innovation and sustained institutional reform, not by dumping allegedly excess capacity abroad. Rather than posing a shock, China's industrial progress offers a "China Opportunity 2.0." It delivers multiple dividends to global development - innovation dividends, market dividends, and growth dividends - while injecting stability and vitality into global industrial chains through an open and win-win approach.
China's high-quality green and high-tech exports have tangibly accelerated the global green transition and reduced production costs worldwide. Meanwhile, as the world's largest goods consumption market and the second-largest importer for 17 consecutive years, China provides enormous market opportunities for economies around the globe. Moreover, China's open-source collaboration and technology sharing in frontier fields such as artificial intelligence and the digital economy enable developing countries to bridge the digital divide at lower cost and share in the benefits of the technological revolution.
The facts demonstrate that China's emerging technologies and products represent a "China Opportunity 2.0" - driving global technological progress, accelerating the green transition, improving livelihoods across nations, and bolstering the industrialization of developing economies. This open and mutually beneficial cooperation stands as the true engine of global economic recovery and sustainable development.
This article is compiled based on an interview with Tian Xuan, dean at the Guanghua School of Management and Boya Distinguished Professor of Finance of Peking University. [email protected]
。 大连8月21日电 (记者 王梦瑶)作为亚太经合组织(APEC)第三次高官会能源领域的重要活动之一，CCUS/CCS促进化石能源清洁高效开发及利用研讨会近日在辽宁省大连市举办。 本次会议由APEC秘书处、国家能源局指导，中国石油规划总院承办，旨在促进APEC区域内CCUS/CCS领域的经验分享、政策对话和务实合作。 国家能源局国际合作司副司长熊敏峰表示，中国政府高度重视CCUS/CCS技术发展和全产业链布局，始终是CCUS/CCS技术发展的坚定推动者和积极实践者。
B | 他提议亚太各经济体携手构建三大合作支柱：一是共建政策标准对话机制，共享激励与监管经验；二是共研低成本高效技术，降低全链条应用门槛；三是共推跨行业示范工程，打通油气、电力、工业等领域的协同封存利用路径。 APEC能源工作组主席单卫国就推动亚太地区CCUS合作提出三点建议： 一是加强技术互学互鉴，充分发挥能源工作组平台作用，推动覆盖各成员经济体CCUS全价值链的联合研究与经验共享，共同降低技术部署成本； 二是强化政策协调联动，推动监管实践方面的政策对话与交流，为CCUS大规模发展营造更加有利的制度环境； 三是推进示范项目协同，鼓励跨部门、跨成员经济体的联合示范合作，探索油气、电力和通用工业领域在碳封存与利用方面的协同路径。 中国石油规划总院执行董事、院长杨震表示，中国石油始终将绿色低碳作为高质量发展的重要底色，持续加强CCUS技术攻关和工程实践，已形成覆盖捕集、运输、利用、封存等环节的全产业链技术体系，并在鄂尔多斯、新疆等地区开展示范应用。
C | 作为APEC清洁化石能源专家组副主席单位，中国石油愿与各经济体深化交流、共享经验，为亚太清洁化石能源发展贡献力量。 本次研讨会汇聚APEC各经济体政府、企业、科研机构及智库代表100余人参会。与会各方充分交流思想、凝聚发展共识，为后续 APEC框架下 CCUS/CCS领域更深层次、更广范围的务实合作打下良好基础。
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