Beijing just released its most detailed rebuttal yet to accusations from the West around industrial overcapacity – and it pointedly avoided using the very word that started the fight in the first place.
There’s a reason for that, and we break it all down in today’s podcast.
On this episode, Andrew Polk sits down with Dinny McMahon (Head of Markets Research) to unpack:
The five core arguments in MOFCOM’s new position paper on overcapacity, examining which ones hold up and which ones stretch too far
Why Beijing dropped the word “overcapacity” for “involution” 18 months ago, and what that rhetorical swap is designed to do
How China frames itself as both free trade’s champion and its victim, and why that framing leaves little room for compromise
Why the US may have the least at stake here economically, and why Europe is where this fight actually gets decided
As always, we hope you enjoy the discussion – reach out and let us know any thoughts or feedback.
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