It’s not just any products. China as a country is capable of making long-term bets on select industries: they select scientists, they build up regional supply chains, and importantly, they give subsidies, supposedly until Chinese companies have won the market but who knows. Their leadership was clever enough to make a couple of good bets on green tech. And that’s what sets them apart any EU country right now.
Even with subsidies the West could not compete due to China’s lower production cost from their cheap & forced labor forces or their lack of various regulations.
It’s not just any products. China as a country is capable of making long-term bets on select industries: they select scientists, they build up regional supply chains, and importantly, they give subsidies, supposedly until Chinese companies have won the market but who knows. Their leadership was clever enough to make a couple of good bets on green tech. And that’s what sets them apart any EU country right now.
Even with subsidies the West could not compete due to China’s lower production cost from their cheap & forced labor forces or their lack of various regulations.