China sees no problem with overcapacity

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China sees no problem with overcapacity

16-05-2024 07:36

China sees no problem with overcapacity

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China sees no problem with overcapacity

The Chinese authorities have once again surprised Europe. According to news source Xinhua, Chinese leader Xi Jinping is optimistic about the national economy. He claims that there are no problems with overcapacity in the country.

“China's overcapacity does not exist, either from the perspective of comparative advantage or in light of global demand,” the Chinese leader said during a trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen. Xi Jinping also added that he supported cooperation with other nations. “The two sides have extensive common interests and broad space for cooperation in green and digital transition,” he noted.

Such a statement was made in response to the claims of Ursula von der Leyen, who promised to apply tough economic measures in case China refused to reduce exports.

Earlier, the European official called on the Chinese authorities to change their structural overproduction. However, China denies overcapacity and does not consider it a problem.

Following the trilateral meeting, the head of the European Commission noted that China supported its industry while its products were flooding the bloc's market. At the same time, a decrease in domestic consumption makes it more profitable for China to develop trading in foreign markets.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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