The United States and Europe are trying to catch up to a rival skilled in using all the levers of government and banking to dominate global manufacturing.

But no country has come close to matching the scale and tenacity of China’s support. The proof is in the production: In 2022, Beijing accounted for 85 percent of all clean-energy manufacturing investment in the world, according to the International Energy Agency.

Now the United States, Europe and other wealthy nations are trying frantically to catch up.

  • AutoTL;DR@lemmings.worldBEnglish
    2·
    6 months ago

    This is the best summary I could come up with:

    China’s unrivaled production of solar panels and electric vehicles is built on an earlier cultivation of the chemical, steel, battery and electronics industries, as well as large investments in rail lines, ports and highways.

    It all combined to help put China in the position today to flood rival countries with low-cost electric cars, solar cells and lithium batteries, as consumers across the wealthy world are increasingly turning to green tech.

    President Biden and European leaders are determined to develop their countries’ manufacturing capacity in advanced technologies like semiconductors, electric vehicles and batteries, in part by adopting some of China’s tactics to nurture industries.

    China’s rise to dominate key global manufacturing sectors showed the potential and power of national industrial policy, said Jennifer Harris, a former Biden aide who now leads the Economy and Society Initiative at the William and Flora Hewlett Foundation.

    “The West’s decision to pursue neoliberal economic policies was a strategic mistake, which led to the de-industrialisation of their economies and provided China with an opportunity,” Zheng Yongnian, a professor at Chinese University of Hong Kong, said.

    At a meeting last week in Italy of the Group of 7 finance ministers, leaders from both sides of the Atlantic warned that the United States and Europe must coordinate their protectionism and their subsidies if they hope to catch Beijing in the race to dominate key industries.

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