The article challenges the notion of China's "overcapacity," arguing it reflects a structural imbalance between global production capabilities and the world's ability to finance and absorb demand, rather than an excess of supply.

• China accounts for over 80% of global solar photovoltaic manufacturing capacity, which is presented not as an imbalance, but as capacity for a necessary future energy transition.
• The World Trade Organisation data shows China's share of global exports is below 15%, largely consisting of intermediate goods that support global production chains.
• The article suggests the real constraint is the global economy's capacity to convert demand into realized investment, particularly in capital-constrained regions, rather than China's manufacturing scale.