[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. Read more at The Business Times.
[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. China's overall exports to the United States slumped 8.5 per cent in the first half of this year. China's exports to the rest of the world have risen only 2.1 per cent. As Beijing's trade war with Washington drags into its second year, the question now is who might buy China's extra factory goods if the United States does not.
Mid-level and senior trade officials from across the region began meeting this week in Zhengzhou, China. Their ministers are then scheduled to join them in Beijing on Aug 2 and 3. The goal is to outline a deal that Asian leaders might then work out at a summit meeting in Bangkok in November.
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