China's automobile industry set a new record in the year 2023, with both production and sales exceeding 30 million units for the first time. But as China's new energy vehicles, solar photovoltaic panels, and lithium batteries enjoy booming sales worldwide, some Western media outlets claim that Chinese EV manufacturers' rapid development was driven by subsidies. Is China's so-called overcapacity really flooding global markets? Or should we put a quotation mark on the word overcapacity?