This photo taken on Sept. 11, 2024 shows the pavilion of Tesla at the China National Convention Center in Beijing, capital of China. [Photo/Xinhua]

China's fast-growing new-energy sector is not only a domestic success story, but also serves as a global game-changer, offering collaboration dividends across the entire industrial chain and providing a fresh boost to the global economy.

This global impact is evident in the Thai government's backing for Chinese automakers to build an electric vehicle supply chain in the country, a move that Surasit Thanadtang, director of the Thai-Chinese Strategic Research Center under the National Research Council of Thailand, deems a smart strategy.

Already, several Chinese car manufacturers have established factories in Thailand, including SAIC, Great Wall, BYD and Chery. This influx of Chinese electric vehicles is not only attracting further investment but also inspiring Chinese automotive supply chain companies to expand their presence there.

Firms like Gotion High-Tech and SVOLT Energy Technology have set up battery production bases, while electronics manufacturers such as Ningbo Sunrise Elc Technology and Changzhou Aohong Electronics have announced new investments in Thailand.

Thailand is tapping into China's knowledge and technical expertise to bolster its own electric vehicle sector, drive technological advancements, and generate employment opportunities, Surasit said.

China's foray into the new-energy sector is not an isolated endeavor. It is an open-door policy aimed at fostering growth. This approach has led to an increasing number of multinationals aligning with China's new-energy sector to capitalize on the opportunities it presents.

Tesla's rapid development serves as a fitting example. Since the launch of its Shanghai plant in 2019, the facility has leveraged China's comprehensive supply chain system and top-tier intelligent manufacturing capabilities to become the most efficient vehicle factory within Tesla's global network.

With the ability to produce a car in less than 40 seconds, the factory has emerged as Tesla's primary global export center. In 2023, it delivered 947,000 vehicles, accounting for more than half of Tesla's global deliveries last year.

In April, Mercedes-Benz announced an upgrade to its Shanghai R&D hub to expedite intelligent innovation in China, and Volkswagen Group China declared a 2.5-billion-euro investment to expand its production and innovation center in Hefei, Anhui Province. BMW's production base in Shenyang, northeast China's Liaoning Province, has seen cumulative investments nearing 100 billion yuan (about 13.91 billion U.S. dollars) since 2010.

These investments are not just about growth in China but also about leveraging China's expertise to enhance their global competitiveness.

"In the past, it was often said that China needs Bosch and its innovative technologies for the development of the country's automotive industry. But today, the narrative has shifted: Bosch also needs China," Xu Daquan, president of Bosch China, said at the second China International Supply Chain Expo in November.

China's new-energy industry also helps forge a win-win model for green and low-carbon energy transitions. For instance, the De Aar Wind Farm in South Africa, the first wind power project financed, constructed and operated by a Chinese company in Africa, has eased the local electricity crunch. While in Kenya, the Garissa Solar Power Plant, also built by a Chinese company, has started operations, lifting tens of thousands of households out of energy poverty.

China is ready to fulfill its responsibilities as a major developing country by collaborating with others to enhance clean energy industries and supply chains, share knowledge and experience, promote the shift to green and low-carbon energy, and contribute to global sustainable energy development, according to the white paper titled "China's Energy Transition," published in August.

Currently, China is collaborating on green energy projects with over 100 countries and regions. According to the International Renewable Energy Agency, the average global cost per megawatt-hour for wind and solar power has plummeted by over 60 percent and 80 percent, respectively, over the last decade.

A substantial portion of these savings is credited to Chinese innovation, manufacturing prowess, and engineering excellence, which are driving down costs and making renewable energy more accessible worldwide, experts say.