World’s Newest Beijing Problem

China is famous for zealously pushing growth. So, much was made of its recent decision to lower its GDP target to between 4.5% and 5%. But this was a marginal change. China’s irrational hopes for growth are an increasingly big problem for the world.
The target is not based on economics. It’s a political goal that reflects Beijing’s ambition to surpass US, and become a developed economy by 2035. In pursuit of that aim, Beijing has been overinvesting for years, but lately, it has been dumping the excess output it can’t sell at home. In the past, China’s export volumes rose with prices; this decade, Beijing has dropped export prices nearly 20%, producing a 40% surge in volume.