Beijing appears to have successfully offset its trade war with the US, as the rest of the world buys more from China than ever.
While exports to the US are down, China has made up for the decline “with breathtaking speed,” The New York Times reported, as its recent massive investments in manufacturing allow it to sell goods at lower prices globally. However, some fear the export boom risks further enlarging trade deficits.
Germany faces a record $100 billion deficit with China, an economic imbalance that is “certainly not in our interest,” according to a German official. Despite worries from Beijing’s trading partners, the Communist Party has vowed to double down on boosting manufacturing over increasing domestic consumption.
