Shouldn’t the world thank China for producing too much stuff?

Overcapacity could be said to characterise Swiss exports of financial services, French exports of champagne and US exports of civil aircraft. Yet, overcapacity has become a negative buzzword solely regarding China.

China’s huge steel industry, which accounts for about half of world production and about a quarter of exports, is often cited as an example. More recently, critics have pinned the label of “overcapacity” on green industries such as electric vehicles, batteries and solar panels.