Overcapacity could be said to characterise Swiss exports of financial services, French exports of champagne and US exports of civil aircraft. Yet, overcapacity has become a negative buzzword solely regarding China.

China’s huge steel industry, which accounts for about half of world production and about a quarter of exports, is often cited as an example. More recently, critics have pinned the label of “overcapacity” on green industries such as electric vehicles, batteries and solar panels.