Despite challenges including overcapacity and trade restrictions, Wang Rongshuo is doubling down on expanding his business in the new-energy sector this year, reflecting China’s commitment to fostering growth in key industries.
Wang, founder of Guangdong Yangshuo Green Technology, has overseen significant expansion, with the company’s headquarters doubling in size last year and its workforce growing rapidly to meet surging demand for solar panels and wind-energy infrastructure.
China’s emphasis on the new-energy sector, including electric vehicles (EVs), lithium-ion batteries, and solar panels, aligns with Wang’s ambitious expansion plans. He views technological breakthroughs in new energy as crucial for national security, echoing sentiments expressed by Chinese leaders amid economic challenges exacerbated by the pandemic and trade disputes.
While concerns linger about overcapacity and weak domestic demand in the “new three” sectors, Wang remains optimistic about international markets. He plans to explore opportunities in the Mexican market this year, recognizing the importance of diversification beyond China’s borders.
Wang’s company offers comprehensive services, including large-scale construction of new-energy plants and specialized installation teams for various new-energy fields. Its impressive growth is reflected in its cumulative installed capacity, which has soared in recent years.
Despite challenges, China remains a global leader in new-energy production and installation. The country added a substantial photovoltaic capacity in 2023, exceeding global figures significantly. However, concerns about overcapacity persist, prompting Chinese firms to look abroad for growth opportunities.
Trade tensions with the United States and the European Union add another layer of complexity. Both regions have expressed concerns about unfair competition from Chinese products, leading to potential trade confrontation in 2024. However, China’s rapid advancements in new-energy technology and declining production costs position it to maintain a competitive edge.
As Chinese companies and investors capitalize on falling prices and scale up production capacity, the future of the new-energy sector remains dynamic, with entrepreneurs like Wang driving innovation and growth despite external challenges.