The European Commission is pressing China for progress by next month to address the widening EU-China trade imbalance, and raising the possibility of new protectionist trade policy. The deadline raises a question: how should China and its trading partners address perceived economic imbalances while sharing the benefits of Chinese industrial competitiveness? China’s merchandise trade surplus approached US$1.2 trillion last year even as other exporting economies press for controls. “Overcapacity”…
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