Concerns over China’s overcapacity not backed by data: Bloomberg ...Middle East

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Concerns over China’s overcapacity not backed by data: Bloomberg
WASHINGTON: The concerns of the United States and Europe that China’s overcapacity in electrical vehicles (EVs) and solar panels could wipe out overseas industries are not backed by data, reported Xinhua quoting a Bloomberg report on Wednesday.For EVs, the real issue for advanced economies is that Chinese carmakers are more efficient and competitive, thanks to technology, local supply chains, brand-new transport infrastructure, and lower energy and land costs, said the report. “From the rest of the world’s perspective, overcapacity can be felt through lower prices. China’s automobile exports, which surged last year as the country overtook Japan as the world’s top car exporter, actually becam

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