China Can’t Cut Electric Vehicle Subsidies It Isn’t Paying - Bloomberg

The accepted wisdom is that clean energy support explains the country’s competitive edge. But that’s far from the truth.

China’s support for the shift to electrification is not out of line with elsewhere.

There’s an old joke about running into an old man on a bus. The man’s tearing pages out of a magazine, scrunching them up, and throwing them out the window.

“Why are you doing that?” he is asked. “To keep the elephants away,” the man replies. “There’s no elephants around here, though.” “Exactly,” the man says. “That’s how you can tell it’s working.”