Beyond subsidies: what’s really driving China’s industrial climb

Driven by intensifying competition in advanced manufacturing, the world is waking up to “China shock 2.0”. The first “shock”, associated with China’s accession to the World Trade Organization in 2001, focused on low-tech manufacturing. Of course, this latest “shock” isn’t framed as such by Chinese policymakers. They present it as an upgrade in export strength, often described as a shift from the “old three” of textiles, furniture and home appliances to the “new three” of electric vehicles,...

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