The US Treasury Secretary: Will Discuss the Issue of "Excess Capacity" with China
Previously, the Chinese Ministry of Commerce stated that the so-called "excess capacity" is not about overcapacity, but rather anxiety. Fundamentally, it is the concern of relevant countries about their competitiveness and market share. Using this as an excuse to smear and suppress China is another new tactic of "double standards" and trade protectionism.
As Europe engages with China on this issue, US Treasury Secretary Bensons said in an interview with CNBC today that they will hold talks "in the near future," and can discuss the "elephant in the room," which is the major (export) rebalancing that China needs to undertake. China has 30% of global export manufacturing, which can no longer be expanded and may need to be reduced.
He said: The rest of the world sees that since we imposed tariff barriers on China, China's manufacturing output has not decreased. Therefore, these goods are flowing into Europe, Canada, Australia, and the Global South, flooding these markets.
Original article: https://www.toutiao.com/article/1838315700004937/
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