EU leaders meeting Xi are latest to protest about overcapacity.
BEIJING - The groundswell of complaints about China’s factory output keeps getting louder, but there’s no sign Beijing is ready for fixes that might backfire on its vulnerable economy.
But China’s trade partners – including friendly ones like Brazil — are also raising objections about all kinds of products lower down the value chain, from steel and petrochemicals to excavators. In many of these areas, surpluses emerged as an unwanted side-effect of the real estate slump weighing down China’s economy.
The US view is that China should rely more on demand from its own consumers, and less on the rest of the world. Ms Yellen acknowledged the scale of that challenge. “This is a complicated issue that involves their entire macroeconomic and industrial strategy,” she told reporters in Guangzhou. “It’s not going to be solved in an afternoon or a month.”
In autos, the picture is more complex. Capacity use dropped sharply in the first quarter of this year, but major exporters of EVs – like BYD and Tesla – have been running at higher levels than the industry overall, according to estimates from JSC Automotive. That points to a growing number of idle factories which used to make petrol cars and got caught out by China’s rapid switch to EVs.
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