I don't agree with everything China does, but it is pretty frustrating to see non-Americans jump on the "Chyna overkaPacity!1!" bandwagon without first looking at the facts. If it's overcapacity when it comes to them, then what is it called when we also do it?
It's literally called free-trade, the thing that the West is supposedly the self-claimed champion of.
On an another note, it's also depressing and kinda ironic to see us become the next closed-economy camp (without the self-sufficiency, of course).
Globalisation hasn't failed, the West is just too darn blind and stubborn to adapt to changes.
There is no overcapacity, there is just
over-anxiety in the West as they are incapable of competing against China in results objectively. This official said it best:
The US and EU also have protectionism measures and subsidies it is just that they are so socio-politically, and economically terminally rotten and corrupt that no such policy produces tangible results for them, whereas Chinese initiatives all succeed regularly (5-year plans, without a miss).
Liberal democracy is chaotic and inefficient fairy tale bullshit system. Their citizens don't want to work in factories, nor can they build infrastructure like China, they don't study STEM, and they don't control their big capital, as China does, so then they complain and whine while losing in the real economy.
As their industrial policies are deemed to fail from the start, any tariffs on Chinese products they might put just mean higher inflation in the economy (no alternative replacements).
On the other hand, you don't see this bullshit low IQ, envious and incompetent logic coming from the Global South, because the current account surplus that China gets from them, it returns in the form of more accessible BRI loans, infrastructure know-how and development, high-value manufacturing FDI, etc.
Whereas the US has a huge capital account surplus (meaning that they take capital from the RoW), China has the opposite basically.
Also, China doesn't just export end consumer goods, but also intermediate goods, and capital goods, which those countries could use for their own manufacturing and boost GDP and economic activity (through both new exports for themselves or the inner economy).
But, even in consumer goods, let's say China, using its automation and economies of scale, produces and exports them 5-10 times less expensive cars, home appliances, consumer electronics, etc, than they bought from the Western overpriced manufacturers before.
That means that those consumers from the Global South, now have all that free money to spend on something else, boost the local economy, and enjoy a higher standard of living. Not to mention, that some people could also afford those types of products for the first time now maybe. Truly a win-win cooperation.
