太极张三丰
Sunak Vows ‘Radical’ Income Tax Cut as Truss Team Accuses Ex-Chancellor of ‘Another U-Turn’_我的网站
一 | With a Tory leadership contest in full swing, former Chancellor Rishi Sunak has pledged to slash the basic rate of income tax by 20% by 2029 if he becomes UK prime minister, the largest such reduction in 30 years.,“What I’m putting to people today is a vision to deliver the biggest income tax cut since Margaret Thatcher’s government. It is a radical vision but also a realistic one, and there are some core principles that I’m simply not prepared to compromise on, whatever the prize,” Sunak emphasized.,Thatcher was Prime Minister of the UK from 1979 to 1990.,The ex-Chancellor also promised that if he prevails in the Tory leadership race, he will “never get taxes down in a way that just puts inflation up.” The 42-year-old added that he will “never make promises” he “can’t pay for” and he will “always be honest about the challenges” Britain faces.,Rishi Sunak Seeks to Crack Down on Foreign Lawbreakers, Increase Number of Deportations29 July, 09:11 GMT,“Because winning this leadership contest without levelling with people about what lies ahead would not only be dishonest – it would be an act of self-sabotage that condemns us to defeat at the next general election,” Sunak pointed out.,The Daily Mail cited an unnamed source from Foreign Secretary Liz Truss’s Tory leadership campaign as accusing Sunak of offering ‘jam tomorrow’.,“It’s welcome that Rishi has performed another U-turn on cutting tax, it’s only a shame he didn’t do this as chancellor when he repeatedly raised taxes. The public and Conservative Party members can see through these flip-flops,” the source argued.,This was echoed by Simon Clarke, chief secretary to the Treasury, who underscored that they “cannot afford to wait to help families, they need support now.” He made it clear that “Liz will cut taxes in seven weeks, not seven years.”,Sunak and Truss repeatedly locked horns over the tax issue during live TV debates last month, with the foreign secretary, in particular, accusing the former Chancellor of raising taxes “to the highest level in 70 years,” which is “not going to drive economic growth.”,Sunak claimed that the UK’s massive tax burden was the result of the unprecedented levels of government spending aimed at keeping the national economy afloat amid the coronavirus pandemic. Truss said that no other country was raising taxes, and accused Sunak of having no clear-cut plan for economic growth.,Meanwhile, voting ballots will start landing on doorsteps of Tory members starting Monday, with many of them expected to return the papers long before the September 2 deadline.,Sunak Unveils 10-Point Border Security Plan as Truss May Turn to Foreign Policy in Fight for PM Seat24 July, 06:12 GMT,Sunak and Truss are now two remaining candidates in the race to replace Boris Johnson as Conservative Party leader and prime minister. Both secured their places in the final two in July, when Trade Minister Penny Mordaunt was knocked out in the fifth round of voting by Conservative MPs.,The two contenders are set to spend the next few weeks campaigning for the votes of about 180,000 Conservative Party members around the country, who will vote by postal or online ballot. The winner of the party leadership race, who will be announced on September 5th, is due to automatically become UK prime minister.。
In economic theory, "overcapacity" - for which no universally accepted definition exists - is inherently a recurring feature of the market economy's dynamic "balance - imbalance - rebalance" cycle. The Western narrative that equates China's sizable production capacity directly with "overcapacity" defies economic logic and rigor; in reality, it represents a politicization of trade and economic issues.
First, it confuses the concepts of "capacity scale" and "overcapacity." China's overall industrial capacity utilization remains within a reasonable range. Periodically lower utilization in traditional sectors reflects a normal adjustment as these industries advance toward high-end, intelligent, and green production. Ample capacity in certain emerging industries is precisely what meets surging global demand for high-end, smart, and green solutions. Therefore, equating scale with excess is typical equivocation.
Second, "overcapacity" itself is a dynamic feature of market economies, where no fixed balance persists indefinitely. Judging capacity based solely on static snapshots violates basic economic principles.
Third, it is erroneous to simplistically link trade surpluses or industrial subsidies to overcapacity, while ignoring the macro context of global specialization and cross-border savings-investment structures. It also disregards the reality that reasonable capacity utilization ranges differ across economies at varying stages of development. Imposing a single standard on China is neither scientific nor rigorous.
China's global competitiveness in green technology stems from sustained, large-scale investment in innovation, a comprehensive industrial and supply chain system, massive application scenarios, and intense market competition - not from alleged government subsidies. After decades of long-cycle R&D, Chinese industries have achieved breakthroughs in core technologies such as power batteries and photovoltaic modules.
During the 14th Five-Year Plan period (2021-25), China's nationwide R&D spending grew at an average annual rate of 10 percent. Economies of scale have continuously diluted production costs. China's ultra-large domestic market and full-chain supporting ecosystem provide an optimal testing ground for new technologies - from pilot verification to mass deployment. With more than 200 million market entities driving fierce competition, enterprises are constantly compelled to cut costs, raise efficiency, and upgrade products, thereby forging dual advantages in price and performance that we see today.
There is no direct causation between subsidies and overcapacity. Industrial subsidies are a globally recognized practice, typically aimed at correcting market failures and advancing critical technologies. China's subsidies are granted on an impartial basis to all types of market entities, in full compliance with WTO rules, and have not triggered disorderly capacity expansion.
Currently, capacity utilization in China's green industries remains within a reasonable range. Support is primarily directed toward R&D, technological breakthroughs, and consumer-side incentives through market-based mechanisms - not toward fueling overcapacity. Crucially, China's high-quality capacity has reduced the global cost of green transition, representing an opportunity rather than a shock to world development.
Against the backdrop of global carbon neutrality goals, labeling China's new energy capacity as "overcapacity" is entirely untenable. According to the International Energy Agency, global data center electricity consumption will approach 1 trillion kWh by 2030, with 40 percent of incremental power needing to come from renewables. Demand for wind power, photovoltaics, power batteries, and related green energy solutions remains far from saturated - so claims of "overcapacity" are groundless.
China's capacity plays a central role in advancing the global energy transition. Over the past decade, the levelized cost of electricity from wind and solar globally has fallen by more than 60 percent and 80 percent respectively - improvements largely attributable to Chinese innovation and manufacturing, which have directly lowered the cost threshold for worldwide green transformation.
The US journal Science crowned the global renewable energy surge led by China among its Top 10 Breakthroughs of 2025. Leveraging its technological and scale advantages, China is well positioned to supply abundant, high-quality green energy equipment and solutions, meet fast-growing renewable demand from data centers, industrial production, and other sectors, and tangibly support countries in implementing the Paris Agreement. In short, China is a pivotal force driving the global low-carbon transition.
The so-called "China Shock 2.0" is fundamentally a protectionist narrative rooted in Cold War thinking - a politically motivated claim inconsistent with facts. The rapid development of China's modern industries is driven by innovation and sustained institutional reform, not by dumping allegedly excess capacity abroad. Rather than posing a shock, China's industrial progress offers a "China Opportunity 2.0." It delivers multiple dividends to global development - innovation dividends, market dividends, and growth dividends - while injecting stability and vitality into global industrial chains through an open and win-win approach.
China's high-quality green and high-tech exports have tangibly accelerated the global green transition and reduced production costs worldwide. Meanwhile, as the world's largest goods consumption market and the second-largest importer for 17 consecutive years, China provides enormous market opportunities for economies around the globe. Moreover, China's open-source collaboration and technology sharing in frontier fields such as artificial intelligence and the digital economy enable developing countries to bridge the digital divide at lower cost and share in the benefits of the technological revolution.
The facts demonstrate that China's emerging technologies and products represent a "China Opportunity 2.0" - driving global technological progress, accelerating the green transition, improving livelihoods across nations, and bolstering the industrialization of developing economies. This open and mutually beneficial cooperation stands as the true engine of global economic recovery and sustainable development.
This article is compiled based on an interview with Tian Xuan, dean at the Guanghua School of Management and Boya Distinguished Professor of Finance of Peking University. [email protected]
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