China is taking the lead in the structural transformation of economy, with notable progress in electric vehicles (EVs) and solar panels, and spreading its development benefits to neighboring developing countries and many European countries, said Jin Keyu, professor of economics at the London School of Economics and Political Science.
Jin made the remarks at the sub-forum "China Economic Outlook" of the World Economic Forum (WEF)'s 15th Annual Meeting of the New Champions, also known as the Summer Davos, on Thursday.
"There is a fundamental structural change that is underway, that has to do with new technologies, and that has to do with climate change. And China is spearheading that structural transformation by actually starting very early. Part of the success for EVs and solar panels is that they (Chinese companies) started much earlier than a lot of the Western economies did. China's rise because of the global supply chain has also pulled up the economic development of many of the neighboring developing countries. And it's going to be the same with EVs and with the renewables, actually involving more advanced economies," Jin said at the sub-forum, which was hosted by China Global Television Network.
She noted that China is collaborating with European countries in the green technological drive by directly setting up plants on batteries or EV platforms or establishing joint ventures capitalizing on China's technology.
"To give you an example - I think this is a very important example to make note of - China is investing heavily in Europe, directly setting up plants and factories on batteries and EV platforms. And whether it's Poland or Spain, setting up joint ventures with EV, taking advantage of China's technology now - the table has completely flipped - to launch their own EVs and EV platforms. So, this is a collaboration. Forty-five million EV vehicles needed by 2040 to keep us on track of the green transition. Trillions of dollars of investment that's needed. China is going to play a very essential role," said Jin.
The three-day Summer Davos forum concluded in Dalian City, northeast China's Liaoning Province, on Thursday.
Featuring the theme "Next Frontiers for Growth," the event gathered over 1,700 leading figures from the public and private sectors in more than 100 countries and regions to jointly explore new drivers and pathways for global economic growth.
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China's progress in green technologies benefits whole world: expert