China is often described today as having “overcapacity” in manufacturing. Its dominance in solar panels, batteries and wind equipment, for example, has left many observers baffled. How did a country once dismissed as undeveloped become, within a generation, so technologically developed that its success now unsettles global markets?
Part of the answer lies in how we frame China’s development. What is often described as excess capacity is better understood as the outcome of an energy-centred…
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