Why the West fears massive job losses because of China’s clean tech prowess

📆 22/06/2024 00:23:00
📰 ChannelNewsAsia

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Economy Notizia

China,European Union,Trade

European and American leaders have accused Beijing of violating market principles in the electric vehicle, solar panel and battery sectors. The programme When Titans Clash finds out if another China trade shock is on the cards.

The European Union has launched investigations into China’s trade practices in sectors such as electric vehicles.SINGAPORE: In recent weeks, leaders of the United States, France, Germany and other G7 countries have sounded the alarm bells about overcapacity in the Chinese economy in three areas: electric vehicles , solar panels and batteries.

• This January, automotive supplier Bosch said it would cut 1,200 jobs in its software development division by the end of 2026. It is in this context that we can understand why French President Emmanuel Macron, German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen raised the overcapacity issue in their meetings with Xi in the last two months.

He won that election. And on his presidential campaign trail this year, the China factor features again.As US President Joe Biden, Secretary of State Antony Blinken and Treasury Secretary Janet Yellen also raise the overcapacity issue, some economists warn of another impending China shock, this time in advanced manufacturing sectors.

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