Overcapacity or over-competitive China

Editor's note: By hyping up China's so-called overcapacity problem, the US-led West has shown its disregard for economic principles. With complete industry and supply chains, China's manufacturing sector has ranked first worldwide for years. And its high-quality but affordable electric vehicles display the advantages of having a complete industry chain, which the West refuses to accept. Three experts share their views on the issue with China Daily.

For nearly 40 years, from the time the "Washington Consensus" took shape till the start of the Donald Trump administration, the US led the West in proclaiming the wonders of free trade. Playing by the rules was to take measures according to the tenets of that paradigm. Hence, open market competition and the central role for supply and demand in determining the prices of goods and services were to be accepted by any country expecting to be treated as a respected member of the global community.

Washington Consensus refers to a set of economic policy recommendations for developing countries, Latin America in particular, which the International Monetary Fund, the World Bank and the US Department of Treasury agree on.