Opinion China already manufactures too much. Now it wants to make more. - "China confronts an economic dilemma of lagging growth, low consumption and an elevated savings rate. This is partly the result of its highly unequal economy, in which workers are paid a smaller share of what they produce than in most maturing economies. A shift toward policies that support domestic demand, such as expanding the social safety net or even direct payments to households alongside more progressive taxation, could reduce inequality, increase consumption and support more sustainable economic growth. But instead, Beijing announced at its National Party Congress last month that it would ramp up investment in advanced manufacturing to export products overseas.
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"Chinese manufacturing is more carbon-intensive than that of the United States and other nations. According to a 2021 study, solar panels manufactured in China produce 30 percent more emissions than those manufactured in the United States. And, as Matthew C. Klein recently explained, those who cheer the disparity between Chinese production and consumption of clean energy technologies tend to assume that 'the green transition requires that Chinese workers be exploited.'"
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