After nearly two decades of supporting renewable manufacturing industries with consistent policies, China consolidated its leadership in the production of lithium-ion batteries, electric vehicles (EVs) and solar cells in 2023.
Combined exports of the three products – the so-called “new three” – reached nearly 800 billion yuan ($113 billion) in the first three quarters of 2023, up 42% from the same period last year, according to official figures. This compares to a mere 0.6% year-on-year increase in China's total exports over the same period, indicating their growing importance to China's GDP.
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