China’s epic property bust has left it with a glut of materials and products that it is now exporting globally. This will help ease inflationary pressures and threaten the viability of competitors.

As construction at home has dried up, Chinese steel exports have risen 33% year over year, and the excess supply goes far beyond steel to textiles, ceramics, semiconductors, electric vehicles and other high-tech equipment like solar panels. See Flood of Chinese Steel Fuels Global Backlash:

Beijing is funnelling investment into factories to rev up growth in an economy beset by restrained consumer spending and real-estate distress. The result is a blast of exports that is bringing back memories of the original China shock of the early 2000s when a torrent of cheap goods brought a bounty for consumers but proved an insurmountable challenge for some U.S. industries exposed to the new competition.

…U.S. Treasury Secretary Janet Yellen, on a recent trip to Beijing, warned that China is now simply too large for the rest of the world to absorb its ballooning industrial output, which U.S. officials say is supported by lavish subsidies and state-directed loans.