Wang is the founder of Yangshuo Green Technology Company (Guangdong).
This confidence comes from China prioritizing growth in the new energy sector, including electric vehicles, lithium-ion batteries and solar panels – known as the `three new sectors`.
`Technological breakthroughs in the new energy sector are important for China’s national security,` Wang agreed.
In 2020, Wang company installed a total capacity of 1.1 gigawatts, equivalent to 5.2 billion kWh of renewable electricity.
Employees inspect solar panels at a factory in Hangzhou, Zhejiang.
There have been concerns that the `three new areas` of growth are not sustainable.
Officials recently admitted that `overcapacity in some sectors` is a major economic challenge that needs to be addressed this year.
Under pressure to sell it all domestically, companies like Wang look internationally.
When relieving consumption pressure abroad, Beijing faces criticism from the US and European Union, concerned that Chinese companies are selling cheap goods.
At the end of February, US President Joe Biden said he was taking `unprecedented action` in response to this development.
Analyst He Weiwen said tariffs imposed on Chinese products since the US-China trade war began in 2018 have had a limited impact on Chinese exports.
Former US President Donald Trump also said in a campaign speech earlier this month that he would impose 100% tariffs on Chinese cars produced in Mexico and raise many tariffs up to 60% on Chinese products.
In the latest move, US Treasury Secretary Janet Yellen flew to China on April 3.
A US Treasury official said that during this trip, Ms. Yellen will `clarify the global economic consequences` of China’s industrial overcapacity that is hurting manufacturers in the US.
Last week, the US Treasury Secretary said Chinese government support had led to `significant overinvestment` in steel, aluminum and, more recently, solar power, electric vehicles and lithium-ion batteries.
The EU is investigating whether the Chinese electric vehicle industry benefits from unfair subsidies.
Rhodium warned that China’s production imbalance could also lead to reactions from more countries such as Mexico and Brazil if the situation continues.
A semiconductor industry executive believes China can resist external pressure more effectively if it can increase the share of renewable energy in total energy consumption.
Global energy transition data and analysis company Wood Mackenzie said China’s solar power production costs plummeted 42% last year, much larger than India, Europe and the US.