Western media and policymakers enjoy wagging their fingers at China’s industrial “overcapacity”, which in reality is simply the ability to produce solar panels, batteries, electric vehicles, steel and other goods more cheaply and efficiently than others can.
Yes, some industries are subsidised, but they also benefit immensely from rapid growth in technical know-how and economies of scale. China hasn’t really built too much; it’s just built too efficiently for the comfort of its competitors.
The…