China rejects ‘overcapacity’ claims, says warming world needs more electric vehicles
- Finance vice-minister Liao Min calls for candid exchanges among major economies ‘with respect to rules of market economy and true facts’
Chinese manufacturing capacity is helping the world to fight climate change and contain inflation, finance vice-minister Liao Min said, pushing back against US Treasury Secretary Janet Yellen’s latest criticism of China’s “industrial overcapacity”.
“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Liao said in an exclusive interview in Rio de Janeiro, where he attended this week’s meeting of G20 finance ministers and central bank governors.
“It is now also providing green goods for the world as countries try to achieve their carbon reduction goals by 2030,” Liao said.
Global demand for new energy cars will be 45 million to 75 million units by then, far exceeding the world’s current supply capacity, he added, citing estimates by the International Energy Agency.
