MNI BRIEF: China To Aid Outdated New-Energy Capacity Clear-out

Chinese authorities will raise industry standards and push an industrial upgrading to help speed the clearance of outdated and inefficient capacities, Wang Shijiang, senior official at the Ministry of Industry and Information Technology told reporters on Wednesday, noting that domestic demand for new-energy products will remain robust as the country pushes the green transition,

Regulators will guide the layout of new-energy industries and further expand space for products tailored to various application scenarios, while utilising industry associations to foster self-regulation and disseminate information, Wang said. However, he stressed that from the perspectives of comparative advantage and global market demand, “there is no issue of overcapacity in the new energy sector like some are currently concerned about.” (see: MNI: China Overcapacity Rejected, Cooperation Likely - Advisors)

China will boost international cooperation to implement high-quality initiatives along the Belt and Road, and support the establishment of international platforms for exchange and cooperation in the new energy sector, focusing on capacity application and related areas, he noted.