NBD Interview with Zheng Yongnian: Global New Energy Development Has Just Begun, Gaps Remain Enormous

Ask AI · Tesla shifts toward Chinese photovoltaic equipment: What are the underlying industry logic?

By Reporter Zhang Hong | Edited by Bi Luming

On March 22, the China Development Forum 2026 Annual Conference was held in Beijing.

Geopolitical tensions are intensifying, bringing new challenges to global energy cooperation. At this critical point of accelerating restructuring of the global energy landscape, it is worth deep reflection on how to create and seize market opportunities in the new energy industry, build a safe, resilient, and sustainable industrial ecosystem.

On-site, Hong Kong Chinese University (Shenzhen) School of Public Policy Dean Zheng Yongnian discussed energy structure and related issues with a reporter from Daily Economic News (hereafter “NBD”).

(Zheng Yongnian answering NBD questions; photo by Zhang Hong)

China’s energy layout is not only correct but also well-executed

NBD: How do current geopolitical conflicts impact the reshaping of energy structures?

Zheng Yongnian: I believe China’s energy layout is not only correct but also well-implemented.

First, we have successfully diversified traditional energy sources; second, we have also succeeded in developing new energy.

Previously, some conservative US figures denied climate change, doubted the existence of an energy crisis, and tried to curb China’s new energy industry development. I think, through the energy issues triggered by the Iran situation, China and European countries can find more common ground and cooperation motivation in new energy development, further confirming the correctness of the new energy route. As Tesla CEO Elon Musk said, solar energy is inexhaustible; compared to solar, Earth’s internal energy is negligible. Humanity should seek energy from the sun, not cling to traditional energy conflicts. China’s early development choices were extremely correct.

NBD: Where does China’s new energy technology stand globally?

Zheng Yongnian: In the field of new energy, China is definitely in the first tier. The Trump administration’s shift away from new energy to traditional energy was partly because the US can no longer compete with China in this field. Looking at the current industry landscape, traditional auto powers like Germany are also shifting. Previously, countries like Germany, the US, and Japan relied on traditional energy vehicle industries to establish natural monopolies. Now, during the transition to new energy, they need to seek cooperation with Chinese companies like BYD.

Of course, we shouldn’t be complacent. Other countries are also actively deploying, such as Japan, which is making progress in hydrogen energy and hybrid vehicles. Therefore, China must continue technological innovation. But at this stage, China’s new energy industry has already firmly secured its position in the global first tier.

NBD: Recently, some domestic companies confirmed Tesla’s plan to purchase Chinese photovoltaic equipment. What do you think are the reasons?

Zheng Yongnian: Because it’s inevitable.

First, China is a global leader in the photovoltaic industry. In fact, since the advent of the internet era, the global industrial landscape has gradually been dominated by China and the US. From the internet to emerging fields like artificial intelligence, technological development is mainly concentrated in these two countries. Other nations participate but with limited influence.

The US’s difficulties in some areas stem from powerful domestic vested interests. For years, the international community has discussed global economic imbalance issues. Since 2007-2008, people have been debating the consequences of economic imbalance, but the problem remains unresolved.

Why? Because the US tends to blame other countries, but in reality, domestic vested interests hinder reform.

This is why the rise of technological right-wing groups is significant. They represent emerging capital interests, advocating for accelerationism—a philosophy that seeks to reconstruct society through technology—to overcome domestic vested interests and promote industrial transformation. Compared to this, China is one of the few countries with institutional advantages and the capacity for self-revolution.

China’s advantages in AI application implementation

Zheng Yongnian believes that as long as technology keeps advancing, the economy will not plateau.

NBD: Is the future of AI energy, top talent, or application?

Zheng Yongnian: All these aspects need coordinated development. Ultimately, technology must be applied. Any technology that cannot be practically applied will become a bubble. Recently, US society has been discussing the risks of an AI bubble. On one hand, every industrial revolution begins with overinvestment; on the other, the key is to push technology into real-world applications.

The core of AI implementation lies in finding application scenarios, which is China’s advantage. The US, on the other hand, lacks comparable advantages in expanding application scenarios.

NBD: Is this advantage due to the large market?

Zheng Yongnian: China not only has a huge market but also a diverse range of application scenarios. Because the US has exited some manufacturing sectors, domestic application scenarios are lacking, forcing reliance on external markets. In contrast, China can provide ample application scenarios domestically for AI technology.

Global new energy gap remains large

Discussing “countering internal competition,” Zheng Yongnian pointed out that, on one hand, China’s new energy industry does face intense internal competition, known as “involution.” But it’s important to distinguish the nature of “involution”: if it manifests as vicious price competition, it should be avoided; if it involves diligent innovation and technological breakthroughs, it is positive.

From the perspective of the current energy crisis, the development of new energy globally is far from sufficient. Therefore, the key to “countering involution” is to promote capacity “going out” rationally and orderly. During this process, we should avoid reckless expansion. The government’s focus is not on healthy competition but on preventing chaotic, haphazard growth.

NBD: You mentioned that the gap in new energy remains large. How much do you think the current new energy market still needs to grow?

Zheng Yongnian: Developing countries have huge demand for new energy, and supply in Europe, the US, and other developed economies is also far from meeting actual needs. Although the concept of new energy was first proposed by Western countries, their current criticism of China’s “overcapacity” is rooted in ideological bias and competitive disadvantages. From an objective demand perspective, global new energy development has just begun, and the gap remains enormous.

Daily Economic News