高盛：2024中国的超强产能和制造能力如何影响世界报告（英文版）

A year ago our China team deconstructed China’s supply chain amidst unprecedented changes to the outlook, to build a picture of resilience, opportunity and vulnerability. A year on and a year worse, we sample seven significant global manufacturing industries representing 22% of China's GDP growth. In five sectors, these industries have built more capacity than the entire global demand pool — imbalances that have left more than 50% of capacity running at zero or negative cash margins. As C