Dividing the activities of America and China into distinct categories is a difficult task. Both countries have a global influence, and their actions impact the world.
Although America and China engage in market competition and attempt to spread their ideologies worldwide, the ongoing economic conflict between them affects the rest of the globe.
Any development in the relationship between America and China will positively or negatively affect every country worldwide.
Serious problem
A significant issue concerning trade and investment between the United States and China has arisen.
In light of this, officials from the Departments of Commerce of both countries will hold a particular discussion to address the situation.
The meeting occurred recently in Washington on the 5th, and economic analysts worldwide closely monitored the proceedings.
Talks between America and China
The highest-ranking official responsible for the American economy is Treasury Secretary Janet Yellen. She recently travelled to China and engaged in a particular discussion.
During her four-day visit, she focused on several critical issues, including China’s ability to produce products such as electric vehicles and solar panels at a level that exceeds demand and releases them into the global market.
She pointed out that Chinese companies can release their products at low prices based on government encouragement. This economic issue directly affects the United States and other countries.
During the US Treasury Secretary’s visit to China, which began in Guangdong, she met with the Chinese Vice Premier and discussed global economic conditions.
She emphasised the importance of fair competition in the manufacturing industries of both the United States and China. It was noted that China’s high level of production capacity has become a problem for many countries, including the United States.
Higher taxes on Chinese products
The US Treasury Secretary has stated that if China refuses to meet its demands, tariffs on Chinese products will be increased. This could raise tariffs on Chinese electric vehicles, solar panels, and other products.
China’s weapon is alternative energy
Energy is currently a global crisis. China is one of the countries interested in introducing alternative energy sources to tackle this issue.
To meet their energy needs, countries around the world are making great sacrifices by utilising wind, solar power, sea waves, and various other methods.
This has led to increased competitiveness in the world economy, and China is playing a more powerful role in this activity.
China’s goal in 2030
China is quietly achieving its goals in the green revolution. It plans to generate 18 per cent of energy consumption from renewable energy by 2025. One of its most successful projects aims to meet its energy needs entirely with alternative sources by 2030.
The international community is closely studying these projects. The Chinese government’s new plan is to exceed its thermal power capacity with renewable energy capacity for the first time in history.
The latest calculations show that China has claimed nearly half of the newly installed renewable energy capacity worldwide.
Global renewable power plant
The International Energy Agency has recognised China as the world’s leader in renewable energy. China’s solar power capacity has grown to an impressive 220 gigawatts in 2023, equivalent to the world’s total solar energy capacity in 2022.
Additionally, China has increased its wind power capacity by 66 per cent, demonstrating its commitment to promoting emerging renewable industries.
This strategy is essential for China’s industrial sector growth, and its efforts to develop and promote renewable resources have been instrumental in achieving this success.
This initiative could potentially help popularise the concept of a green future on a global scale. However, it is worth noting that these plans have also triggered a global economic conflict, with electric vehicles being a concurrent product.
Despite this, the world’s financial power is still being drawn to China in support of this green economy program.
