Sizing the “New Three” in the Chinese Economy
Policymakers and investors often refer to battery, new energy vehicle (NEV) and renewable energy as the “New Three” of the Chinese economy, in comparison to the “Old Three” such as furniture, home appliance and clothing in Chinese exports; or property, infrastructure and processing trade in the overall economy. NEV and battery production, as well as renewable energy capex, have seen significant increases in recent years and are expected to continue growing rapidly in coming years, adding to headline GDP growth in China.