I think what’s important to remember is that China always had more domestic production capacity than what was going to be possible to sink into domestic consumption. This was hidden by their real estate boom, which has now ended. Now, the world is the sink for the productivity of China’s working age population (which will shrink as China rapidly ages).<p>If China wants to be a Tech and Clean Energy/Mobility powerhouse, and climate change is an emergency, this is not a bad thing. Surely this is a more worthy cause for human labor and time than building units that may never have a resident.<p>China prioritizes real value, its manufacturing base, engineering, science. Their ability to build is a muscle they maintain and flex. If counterparties value line goes up in a magic database instead (Boeing and Intel come to mind), that is going to lead to a bad time.