[Великая Эпоха, 13 ноября 2023 г.](Detailed report by Epoch Times reporter Chen Ting)Communist Party of ChinaLarge sums of money are invested in high technologies such as semiconductors and electric vehicles.productionwhat can causeExcess capacityforming a new wave of cheap exports.
Loans to the struggling real estate sector remained outstanding at the end of September, according to central bank lending data.loanwhich is 0.2% less than a year earlier. However, let’sproductionfromloanBut it grew by 38.2%.
Recently, China hopes to become a leading manufacturer of high-quality products, which alsoCommunist Party of ChinaGoals of the 14th Five-Year Plan. Data from the National Bureau of Statistics of the Communist Party of China shows that in the nine months of 2023, the high-tech manufacturing industryinvestThe annual growth rate was 11.3%, while total investment in manufacturing grew by only 6.3%.
Economists say the trend has alarmed some major trading partners. The EU is currently investigating China’s subsidies for electric vehicles, especially in Europe.
Jens Eskelund, president of the European Chamber of Commerce in China, says: “Current consumption levels in China are low, but there is a lot of excess production capacity being released into the world, including batteries, solar energy and chemicals.”
“Europe and China are like two trains about to collide,” he said.
Frederic Neumann, HSBC’s chief Asia economist, said: “China’s strategy is toinvestSpending is shifting from real estate to manufacturing, which will further increase production capacity. “
“Unfortunately, the world market cannot master new production capacities,” says Fan Liming.
Reuters analyzed more than 100 government policy documents and state media reports and found that dozens of provinces and municipalities are increasing the share of government loans used for green development, advanced manufacturing and strategic industries.
Guangdong province’s loans to high-tech and advanced manufacturing industries increased by about 45%, according to Chinese state media. In the first half of 2023, loans to high-tech manufacturing in Shandong province grew by 67%.
As of the end of September, the outstanding balance of loans from high-tech companies in Dongguan, a southern industrial city of 7.5 million people, reached 246 billion yuan (about $33.7 billion), accounting for about a fifth of its economy.
(This article refers to reporting by Reuters)
Responsible Editor: Lee Moen#