What fuels global trade imbalances: China’s overcapacity or America’s failure to adapt?

China’s industrial overcapacity should not be singled out for blame amid trade imbalances, as economies worldwide are struggling to adapt to shifts in the global economy, contributing to mounting pressures, a prominent Chinese scholar said in comments directed at the United States. “The reason why our imbalance is becoming a bigger problem is that the rest of the world is having a bigger problem in adjusting the economic structure,” said Huang Yiping, dean of Peking University’s National School.