Xi Jinping has hit back at western criticism of Chinese oversupply as Beijing leans on manufacturing to boost its economy, arguing that the country’s exports were helping ease global inflation and support a clean energy transition.The Chinese president told visiting German Chancellor Olaf Scholz in Beijing on Tuesday that “both sides should be wary of the rise of protectionism” and “insist on looking at production capacity issues objectively”.
“China’s exports of electric vehicles, lithium batteries, photovoltaic products, etc have not only enriched global supply and alleviated global inflation pressure but also made great contributions to the global response to climate change and green and low-carbon transformation,” Xi said, according to state media.
The comments came as China faces increasing resistance from its trading partners to an influx of cheap exports, with Beijing trying to compensate for a property slowdown by investing in manufacturing.