The global economy is facing a number of challenges, and China is no exception. The country is grappling with both domestic and international issues that are closely linked. One major challenge is the weakening demand within China, which has led to an increase in Chinese manufacturing exports, particularly in green technologies such as electric vehicles. This surge in exports has sparked criticism from other countries, including the United States and Europe, who accuse China of exporting excess capacity and hindering their own green industrial pursuits.
In a recent discussion with Roland Rajah, Director of the Indo-Pacific Development Centre (IPDC), Dr. Bert Hofman sheds light on these issues and proposes strategies for addressing them. Dr. Hofman is a renowned international expert in China’s economy and a seasoned development economist and practitioner. He currently serves as an adjunct professor at the East Asian Institute at the National University of Singapore, having previously spent nearly three decades at the World Bank, where he held several key positions, including director of the World Bank’s country office in China.
During the discussion, Dr. Hofman discussed China’s development model and the concept of “Peak China,” which refers to concerns about China’s economic slowdown and potential decline as a global superpower. He also explored the accusations of overcapacity exportation by China and their implications for developing nations. Dr. Hofan proposed several strategies for addressing these issues, including encouraging more sustainable practices in Chinese industries and promoting greater collaboration between developed and developing countries in the pursuit of green technologies.
