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In a bold move before her second trip to the Chinese mainland, U.S. Treasury Secretary Janet Yellen criticized China’s clean energy exports. Yellen warned that China is \"dumping\" affordable clean energy products globally, which is driving down market prices and squeezing green manufacturing in the United States.
At a symposium titled \"Five countries think tank joint research report release and international symposium on China's 'Compounding Interest': High-Quality Development and Outlook for 2035\" held at Renmin University, we caught up with John Ross, a former director of economic and business policy for the mayor of London, to get his perspective.
John Ross: China leads the clean tech production game, supplying about 80% of the world's solar power panels, 60% of wind products, and 30% of water power equipment. This dominance is crucial for the global shift to renewable energy, especially since many smaller countries can't produce these industries on their own. Yellen's push to move away from cost-effective Chinese suppliers makes the transition to renewable energy more expensive for the U.S. and is likely to be ignored by most countries, harming the U.S. economy in the process.
Ross emphasizes that China’s Belt and Road Initiative attracts a diverse range of countries, regardless of their political systems, by focusing on economic development. He argues that Yellen’s approach, which discourages using the most affordable suppliers, not only damages the U.S. economy but also disrupts global economic growth.
When asked about the future of U.S.-China relations, Ross is cautious. He believes that the U.S. is unlikely to change its approach soon, continuing a trend of economic competition that could lead to heightened tensions over the next decade or two. However, he remains optimistic that outright conflict can be avoided if both sides manage their competition wisely.
As the world grapples with the transition to renewable energy, the debate over China’s role and the U.S.’s response will continue to shape global economic and environmental policies.
