Robots work at a welding workshop of Voyah, a Chinese electric auto brand, in Wuhan, central China's Hubei Province, April 1, 2024. (Xinhua/Xiao Yijiu)

　　The success of China's EV companies is widely attributed to their ability to outpace competitors through innovation.

　　In Dong's view, the rise of China's automakers to become leading global players is underpinned by four major advantages: higher efficiency, lower costs, economies of scale and constant innovation.

　　Beyond automobiles, the agricultural and financial sectors were also anticipated to face significant challenges, noted Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies.

　　Instead, all three sectors underwent a smooth transition and achieved robust growth by embracing competition, Huo said in an interview with Xinhua. He attributed this success to the positive impact of competition, which enhanced productivity and improved product quality.

　　When the competition in industries such as pharmaceuticals, chemicals, electronics and home appliances increased, a legion of capable Chinese firms emerged, and the share of Chinese computers, smartphones, semiconductors and electronic products on the global market saw a significant rise.

　　“Facts have shown that an open market and the introduction of international competition are conducive to enhancing domestic manufacturing capabilities, thereby, laying a solid foundation for further participation in international competition,“ Huo said.

　　DEMONIZE FOREIGN PRODUCTS OR EMBRACE IMPORTS?

　　Since joining the WTO, China has continued to welcome foreign products with open arms.