June 19, 2024
KCNA Ministry of Foreign Affairs (EN)

U.S. Theory of “China’s Excess Industrial Capacity” Brushed Off

Date: 15/05/2024 | Source: Ministry of Foreign Affairs (EN) | Read original version at source

Recently, a spokesperson for Chinese Foreign Ministry brushed off the concern expressed by the U.S. State Secretary Blinken over the impact of “China’s excess industrial capacity” on the global economy.

On the surface, the so-called “China’s excess industrial capacity” fabricated by the U.S. looks like an economic issue but this, in essence, is an absurd one, the spokesperson said and continued as follows:

Every country can produce and export products which has relative advantages at home, and this is the substance of the international trade.

What can be traded between the countries if one forces the other to decrease productive capacity with an excuse of excess industrial capacity as its production is in excess of demand?

The U.S. knows too well about common economic knowledge as well as the reality of industrial development. However, it is trying to attach a label of “excess industrial capacity” on China.

This illustrates that the so-called “excess industrial capacity” argued by the U.S. is not a conclusion drawn from what the market defines but a lie fabricated with political designs. Its real intention is to curb China’s high qualitative development and deprive China of its legitimate rights to development.

What really “exceeds” is not the industrial capacity of China but rather the uneasiness and concern of the U.S. coming from the lack of self-confidence and its act to tarnish the image of China.

The U.S. has already said that it has no intention to contain the economic development of China and hamper China’s scientific and technological progress.

The U.S. should put its words into practice and stop fabricating such a lie as “China’s excess industrial capacity”, the spokesperson strongly demanded in conclusion.

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