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‘Overcapacity’ claim groundless as China’s green tech fuels global growth: Tian Xuan_我的网站

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    Tian Xuan Photo: Courtesy of Tian
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]

。     21日，以“全球创新 浙里创业”为主题的第二届全球技术创新大赛在杭州正式启动。作为浙江重点打造的国际性技术创新赛事品牌，大赛同步向全球创新创业者发出诚挚邀请——不论来自何方，只要有梦想，浙江即有舞台。

二 | 本次大赛聚焦科技成果转化关键环节，立足浙江产业基础与创新发展实际，着力打通政产学研金协同链条，通过挖掘优质技术、孵化科创项目、集聚高端人才，推动前沿成果从实验室加速走向生产线。在首届基础上，第二届大赛全面升级。赛道设置由4个方向拓展为人工智能、生物制造、AI+光电融合、石墨烯新材料、AI+医疗、眼脑健康、具身智能、航空航天等八大前沿创新方向。

三 | 同时，赛事承办地也从四地扩展至杭州滨江、杭州萧山、宁波镇海、温州鹿城、温州龙湾、绍兴上虞、台州高新区等七地，为优质项目提供更充足的落地空间和产业配套支撑。八大赛道均属于国家“十五五”和浙江未来产业布局的重点领域，代表着新质生产力的发展方向。同时，每个赛道承办地都对应着浙江的产业基础和承载地的特色优势。“创新方向与区域产业禀赋精准耦合，项目一来就能找到最合适的落地土壤，有效破解创新成果转化水土不服问题，真正实现以赛兴业。”省经信厅中小企业发展促进中心副主任汤孟龙介绍。这样的办赛思路，已在首届大赛中初显成效。去年首届大赛吸引了来自全球十余个国家和地区的640余个项目报名，最终29个优质项目脱颖而出，近40个项目已成功在浙落地。为确保参赛项目“引得来、留得住、长得大”，大赛在服务保障上也下足功夫。由财通证券牵头，将对参赛者给予全方位金融保障；各承载地则结合自身产业特色，出台差异化政策组合，在人才引进、办公场地、应用场景、产业基金等方面给予精准扶持。省经信厅相关负责人表示，本届大赛是浙江以赛事为载体，链接全球创新资源的重要举措，也是推动创新链、产业链、资金链、人才链深度融合的具体实践。浙江将以充足的资本供给、完善的产业生态和开放的营商环境，与广大创新创业者携手前行，共享发展机遇。

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Published on:05:48:07