Western Countries Focuses on Technology and Domestic Production of Green Tech
Chinese products are capturing different sectors of the global market in 2024. It shows a different side of the economy that challenges Western countries. Asian nations like China rule some industrial sectors, such as automotive, oil and energy, renewables production, etc. Western countries like the United States and the European region face several challenges in their domestic market in 2024. Hence, these countries impose certain taxes and limits on Chinese-made products. This indicates the significant cleantech imports from China in 2024. By curbing the imports of Chinese cleantech products in 2024, western countries fear it would affect the clean energy transition.
Western countries will rely heavily on Chinese clean tech imports in 2024. Experts reveal that Chinese products from green transformation accelerated the process of sustainability positively. Initially, Western countries were struggling to meet consumers' growing demand for green tech products. Improving the manufacturing of such products has also led to higher product costs. Thus, Chinese green tech products captured the global market with cheaper products. Data on green transformation claims that China contributes heavily towards the cheaper, cleaner tech products in the market. Hence, the consumer demand for Chinese imports grew over time.
The major drawback of Chinese imports is that they affect domestic production and sales of Western products. Additionally, it affects technology transfer in Western countries and disrupts supply chains. Chinese imports cause economic trade and security tensions in Western countries. However, dumping Chinese Greentech products can lead to a slow acceleration of clean energy transition. Therefore, the West focuses on innovative plans to improve the research and development sector in 2024. This includes developing domestic industries, strengthening supply chains, and reducing dependency on Chinese imports. Hence, a strategic plan to integrate balance in the manufacturing sector will improve Western countries' green tech production in 2024.
