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Adam Tooze on the Big Misconceptions of the Chinese Economy
Odd Lots
Domestic Production Fuels EV Revolution
China's motor vehicle market is predominantly focused on domestic production, especially in the electric vehicle (EV) sector, where most vehicles are consumed internally. The streets of cities like Shanghai showcase a variety of innovative and futuristic EV designs that have not been seen elsewhere. While there has been a surge in exports, particularly for traditional internal combustion engine vehicles, this is largely a result of joint ventures with Western firms struggling to maintain a foothold in China. The local market's shift away from American-branded cars reflects changing consumer preferences. China's aggressive industrial policy aims at modernization, but its effectiveness is hampered by a macroeconomic imbalance, indicating an insufficient domestic demand to fully support such a robust industrial strategy.
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