Why China's 'new three', green push irk West

One of the issues raised by US Treasury Secretary Janet Yellen during her visit to China last month is the so-called overcapacity in China's "new three" industries — new energy vehicles, lithium-ion batteries and photovoltaic products.

But seen from the global governance level, what the world lacks most now is a mechanism for redressing global imbalances, a mechanism for handling global losses, gains and compensation, and an arbitration mechanism for conflicts and coordination among major economies.

Thus, the focus of such an issue can be traced to how major global powers take the responsibility of building a mechanism for global rebalancing and adjustment.