At China’s Belt and Road Forum last week, where Beijing marked the 10th anniversary of its lavish $1tn infrastructure programme, foreign leaders and executives were repeatedly invited to participate in China’s “high-quality development”.One of President Xi Jinping’s favourite slogans, the term is vaguely defined. But few sectors probably encapsulate its underlying ambition better than China’s green technology industries, particularly its electric-vehicle makers. Not only has China become an EV leader with its own brands and advanced technology, it is also rapidly increasing its exports. 

But while few could argue with the pursuit of high-quality industry, the broader question for Beijing is whether prioritising these sectors at this moment is the right answer for China’s more immediate malaise — slowing economic growth driven by a deep and sustained real estate slump.

Central to this question is whether new sectors such as EVs can generate as much employment and economic growth as the once-mighty property sector.