BEIJING (NYTIMES) - China has too many factories making too many goods. Thanks to its punishing trade war with the United States, its biggest overseas customer isn't buying like before.. Read more at straitstimes.com.
BEIJING - China has too many factories making too many goods. Thanks to its punishing trade war with the United States, its biggest overseas customer isn't buying like before.China this week formally restarted its efforts to create a free-trade zone across the Asia-Pacific region, with an unlikely goal of striking a deal by November. If successful, the pact could eventually open markets from Australia to India.
But trade pacts are difficult to strike and China's potential free-trade partners have plenty of reasons to be worried. Already, the country is plagued with excess capacity for making cars, steel and other staples of global trade. More factory slowdowns and shutdown could lead to job losses and further drag down economic growth.
China's leaders have talked since 2012 about the possibility of such a regional partnership, in response to former President Barack Obama's plans for a multination trade deal called the Trans-Pacific Partnership that would have excluded China. Working out a deal would require solving some thorny issues.
Though average tariffs remain higher than those of the US and the European Union, the categories for which China has reduced tariffs include many low-tech manufactured goods, like handbags and low-cost garments, which many of China's neighbours would like to export.
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