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Does China’s weak domestic demand really lead to excess capacity?: People's Daily_我的网站

A |     Sophie 编译 上周末，两名罪犯袭击了奥克兰Greenlane的一家酒铺，用斧头砍一名店员，然后抢走了香烟和现金。    

    A worker fulfills orders for energy-saving and environmentally friendly boilers destined for export in a manufacturing enterprise in Nantong, East China's Jiangsu Province on August 4, 2026. The enterprise offers products including industrial waste disposal equipment, with sales to more than 30 countries and regions. Photo: CNS PhotoIn recent years, some economies, anxious about their own industrial competitiveness and market position, have politicized economic and trade issues, taking turns to hype false narratives such as "China overcapacity" and a "China Shock 2.0," and using them as pretexts to roll out protectionist measures.
But what are the facts on the ground?
China's Ministry of Commerce recently released a document titled China's Position on the So-Called Excess Capacity Issue. Reviewing the evolution of the global capacity landscape from a historical perspective, it offers an objective analysis of how industrial subsidies, trade surpluses, economic imbalances and market competition relate to "overcapacity," sets out China's policy practices and the direction of its efforts, and puts forward China's ideas and proposals - a forceful response to the "China overcapacity" narrative. 
Plainly, the argument that "China's inadequate domestic demand gives rise to excess capacity" rests on a logical sleight of hand - it takes a localized phenomenon at the micro level of the market and applies it wholesale to the structure of the macroeconomy, a picture far removed from reality.
China is not only a major manufacturing power but also a major consuming power. Domestic demand has long been the main engine of the Chinese economy.
To see through the logical fallacy of the "overcapacity" narrative, one must first be clear about where the Chinese economy actually sits in the global landscape.
In the course of economic globalization, China has actively integrated itself into the international division of industrial labor and become the "world's factory" in the truest sense. Chinese manufacturing has enriched the global supply of goods, lowered living costs for consumers in countries around the world, and played an important part in easing global inflationary pressure. But to define China simply as a "producer" on that basis, and from there to conclude that it suffers from "inadequate domestic demand and overcapacity," is a proposition that does not hold water.
From 2013 to 2024, domestic demand contributed an average of 93 percent to China's economic growth, with consumption and investment accounting for an average of 55 percent and 38 percent respectively. China's total retail sales of consumer goods rose from 23.8 trillion yuan ($3.53 trillion) in 2013 to 50.1 trillion yuan in 2025, doubling in size.
Measured at the World Bank's purchasing power parity rates, China's total retail sales of consumer goods in 2025 were 1.7 times those of the US, making the country the world's largest market for consumer goods in all but name. China today ranks first globally in the physical volume of goods consumed, and its per capita annual consumption of some industrial products already approaches the levels seen in developed economies.
China keeps expanding its domestic demand and is working toward a higher-level balance between supply and demand.
Growth in China's total retail sales of consumer goods has slowed somewhat in recent years, and some have taken this as proof of weak domestic demand. That reading is neither objective nor complete.
A strong domestic market provides strategic support for Chinese modernization. The outline of China's 15th Five-Year Plan (2026-30) period devotes a dedicated part to building such a market, stressing the need to adhere to the strategic focus of expanding domestic demand, to expand effective investment, to further implement special actions to boost consumption, to promote the expansion and upgrading of commodity consumption, to unleashing the potential of service consumption, to strengthening the foundation of residents' consumption and to continuously improve the consumption environment - using new demand to guide new supply, and using new supply to create new demand, so as to promote a virtuous cycle between consumption and investment, and between supply and demand, achieve a higher level of dynamic balance between supply and demand.
The slowdown in retail sales growth is consistent with China's shift from high-speed growth to high-quality development, and it also reflects the upgrading of the country's consumption structure. China's consumer market is moving faster from one dominated by goods toward one in which goods and services carry equal weight. Spending on services is growing rapidly and is expected to account for more than half of the total by 2030.
China's super-sized market is not only the bedrock of its own development but also a broad platform on which countries around the world can share in the dividends of that growth.
China has ranked as the world's second-largest importer for 17 consecutive years and is a major export destination for nearly 80 countries and regions. It has granted zero-tariff treatment to 63 countries and regions, becoming the first major economy in the world to extend full zero-tariff coverage to every African country and every least developed country that has diplomatic relations with it. It is also the only country to host an international import expo, having staged eight editions of the China International Import Expo with cumulative intended deals worth more than $580 billion. Over the 14th Five-Year Plan period (2021-25) period, China's cumulative imports topped 90 trillion yuan. These facts and figures show clearly that China is not just the "world's factory" but, still more, the "world's market."
Looking ahead, China's middle-income group is set to exceed 800 million people within little more than a decade, and per capita GDP is expected to reach the level of a moderately developed country. With vast room for consumption and ample potential and vitality, domestic demand will remain the main engine of China's economic development and will keep injecting strong momentum into world economic growth.
This was compiled and translated by the Global Times English edition based on an article published in the "Chisu Jinsheng" economic commentary column of the People's Daily on August 6, 2026.
。         两分钟的监控录像显示，星期六上午11点左右，一辆汽车停在Great South Rd的Super Liquor酒铺门前，两名蒙面罪犯持械冲进商店。

B |          Advertise with us          其中一人回到车旁，拿出了一个超市的筐子。两分钟后，这两人抱着装了东西的筐子跑回车里，逃走了。         在此期间，附近店里的一名员工拿着扫帚试图阻止罪犯，但被用斧子恐吓。         一辆警车停在了路边，几名警察下了车，但没能阻止罪犯开车逃走。         警方在给英文《先驱报》的一份声明中证实了抢劫案的细节：“两名男子丢下了一部手机和一把斧头，很快就被抓获了。”          警方发言人说：“这两名男子带着武器进入了Great South Rd的Super Liquor酒铺，袭击了店员，店员在被重伤前成功逃脱。”          “这两名罪犯抢走了一些东西，然后开着一辆被盗车辆逃离，不久之后这辆车就被找到了。”          对抢劫案的调查仍在继续。         一名员工告诉英文《先驱报》：“（另一名店员）坐在柜台后面，他们跳过柜台开始打他，幸运的是他从商店后面逃出去了。”          “他很幸运逃了出去，否则他们会继续打他。他们用斧头砍了他的手，他的手被割伤，幸好伤口不太深，不需要缝针。”          “他的背部也受了伤，那里也有些痛。

C | ”          他说，罪犯砸坏了香烟柜和收银机。他们偷走了200到300纽币的现金。         相关阅读：          深夜开着偷来的汽车高速逃逸，五名奥克兰青少年被拘留          奥克兰昂贵自行车被盗，提供监控照片及GPS数据后警方拒绝调查          奥克兰一购物中心内珠宝店被暴力打劫，一名20岁男子逃离现场后被逮捕          奥克兰夜间发生暴力入室抢劫案，4名持枪罪犯逃窜100公里后在北地被捕          太猖獗！四名劫匪持斧头抢劫奥克兰加油站，员工差点爆头而亡          四名蒙面罪犯手持锤子袭击奥克兰加油站店员，行业组织恳求政府紧急行动          奥克兰高峰时段发生激烈追逐：逃逸车辆逆行险象环生，两人被捕          奥克兰北岸大超市清晨被抢：警方出动直升机和警犬队追捕，4人被拘          700棵蓝莓树被偷摘，价值5万纽币的青铜雕塑被破坏          奥克兰发生激烈群殴事件，武装警察包围了一栋房屋，一男子被捕          一名男子遭恶性袭击，被抛下码头并按在水下，警方急寻目击者          奥克兰新年夜枪杀案：两人中枪一人身亡，凶杀案调查已展开          奥克兰Avondale发生大火，80名消防员和21辆消防车参与灭火          注：本文为编译/原创，欢迎转发分享；但严禁复制等未经授权的非法使用。

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E |          chineseherald.co.nz All Rights Reserved 版权所有          (责编：Sophie)          相关内容                怀唐伊日天气：新西兰大部阳光普照，某些地区将达35度           新西兰一高中近40名教职工感染 新冠蔓延仍不可掉以轻心           新西兰真相大曝光！移民太多吃不消！大地震随时会爆发……           奥克兰发生两起涉嫌使用假钞的案件，4人被逮捕           奥克兰人下班回家难：海港大桥有强风，火车服务严重中断           免费的新冠检测试剂盒领取期限延长！           绿党联合党魁竞选拉开帷幕，她率先宣布参选！           奥克兰海啸疏散地图最新版发布！这些地方风险最大！。

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