America’s hypocritical requests

Janet Yellen came to China last week to “ask a favor,” said Hu Xijin. The treasury secretary was on a mission to beg us to slash investment in electric vehicles and solar panels, saying our factories were on track to produce more of these green technologies than “the global market can bear.” She has some gall. After decades of praising China’s transition to a market economy, the U.S. is now in the position of requesting that we “engage in nonmarket administrative intervention,” using the power of the state to order private companies to cut production. Yes, China is making these products at a low, competitive price. But that’s the result of “fierce market competition among manufacturers” here. Even if it wished, “the Chinese government may be unable to help.” In any case, Yellen’s contention that the market can’t handle this many Chinesemade EVs is simply wrong. Making sustainable energy more affordable will spur demand, and that “undoubtedly aligns with the overall direction of human progress.” Currently, clean technology such as lithium-ion batteries and electric cars makes up only 5.7 percent of China’s exports, but we hope that figure will rise. If “the U.S. and Europe cannot produce cheap new energy products like China,” that’s “their limitation and problem,” not ours.