China says its EVs, lithium batteries meet domestic demand, enrich global supply

By Thomson Reuters Jun 24, 2024 | 10:58 PM

DALIAN, China (Reuters) -China’s Premier Li Qiang told delegates at a World Economic Forum meeting in Dalian the country’s green technologies were not only meeting domestic demand but also enriching global supply, amid trade tensions with the West.

Li also said on Tuesday that he was confident the world’s second-largest economy would hit its full-year economic growth target of around 5% and that it could be expected to continue to show steady improvement over the second quarter.

“China’s production of advanced electric vehicles, lithium-ion batteries and photovoltaic products, etcetera, first ensure our domestic demand, but also enrich global supply,” Li said during his opening address.

The United States and European Union have both accused China of having over-capacity in green technologies and announced steps to protect their respective domestic industries from what they consider to be unfair competition from Chinese firms looking to step up exports amid weak domestic demand.

China has rejected accusations it has an over-capacity problem or that its firms benefit from unfair subsidies.

“The rapid rise of China’s new industries is rooted in our own unique comparative advantages,” Li told the meeting. “Furthermore, our consumers are more receptive to new technologies.”

(Reporting by Ellen Zhang and Joe Cash; Editing by Jacqueline Wong)