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Articles —
10 November 2026
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China's trillion-dollar surplus is a permanent internal devaluation. China's next overcapacity is AI
China has reported a trillion-dollar trade surplus for the second year running, and from the quayside in Shanghai it looks like the world's most successful economy. Yet factory-gate prices, deposit rates and Europe's trade figures tell a different story. Is this really a success, or is someone else quietly paying the bill?
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