China's industrial capacity eyes global market, says Thai banker
Source: Xinhua| 2024-04-18 13:25:15|Editor: huaxia
China's industrial capacity is fully geared towards the global market, a Thai banker has said, stressing that there is no such thing as "overcapacity."
The global market is now in great demand for electric vehicles, lithium batteries and green energy products, in which Chinese enterprises have poured early investment and gained a first-mover advantage, Wichai Kinchong Choi, senior vice president of leading Thai bank Kasikornbank, said in a recent interview with Xinhua.
In Choi's view, Chinese enterprises' commitment to R&D and innovation, as well as their successful cost control, have given their products a competitive advantage in the global market.
"Given their desirable quality and affordable price, Chinese enterprises' products are naturally loved by consumers all over the world," said Choi.
"What's puzzling is that Western countries regard China's international trade in emerging industries such as lithium batteries, electric vehicles, and photovoltaic products as export overcapacity," Choi said.
As Western manufacturers have lost the relevant market share, some Western governments, instead of reflecting on their own industrial policies, resorted to the so-called "Chinese overcapacity" fallacy, using this protectionist rhetoric as an excuse to suppress fair competition, he said, referring to it as "deplorable."
Still, it is comforting that most developing countries have a completely different view on those Chinese products, Choi said.
For example, Chinese electric vehicles have gained popularity in Thailand in recent years, with sales increasing steadily, he said.
"The Thai people need these clean, environmentally friendly, novel and practical means of transportation, and we sincerely thank the Chinese manufacturers for providing us with these good products," he said.
The Thai government has been working to attract manufacturers in high-tech industries, including those from China, to invest and build factories in Thailand, so as to make Thailand a high-tech production base for the global market, Choi noted.
"We are pleased to see that in recent years, many Chinese manufacturers have built factories in Thailand, producing high-quality products ... It is such a vivid example of sharing resources, learning from each other's strengths, mutual benefits, and win-win cooperation," he said.
