China's Factory Glut Alarms the World But There's No Quick Fix [Financial Post (Toronto, Ontario, Canada)]
HSBC Holdings, plc. (HSBC)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — 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. This week European Union leaders, who are threatening tariffs on electric cars, were the latest to scold China about overcapacity. Before she met visiting President Xi Jinping, the bloc's chief Ursula von der Leyen said she's hoping for action in the “short term.” Article content Article content She'll likely be disappointed. China did announce proposals Wednesday to slow expansion in the battery industry, but they're not binding. Meanwhile the state planning agency last week published a four-part rebuttal of claims that the country has too much capacity to make clean-energy products. It said Chinese industry is competitive thanks to innovation, not subsidies. That's beco
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