President Trump, who recently pressed President Xi Jinping of China on trade and other issues when they met at Mar-a-Lago in Palm Beach, Fla., has vowed to end what he calls China’s unfair business practices. Much of his oratory has involved old-fashioned smokestack industries like steel—industries in which the jobs were already disappearing even before the rise of China.
But economists and business groups warn that China’s industrial ambitions have entered a new, far-reaching phase. With its deep government pockets, growing technical sophistication and a comprehensive plan to free itself from dependence on foreign companies, China aims to become dominant in industries of the future like renewable energy, big data and self-driving cars.
With solar, it has already happened. China is now home to two-thirds of the world’s solar-production capacity. The efficiency with which its products convert sunlight into electricity is increasingly close to that of panels made by American, German and South Korean companies. Because China also buys half of the world’s new solar panels, it now effectively controls the market.
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