This is an odd blog arguing that because thete is no savings glut in China, just too-weak demand, the policy prescription is domestic, unlike the early 2000s. But the outcome absent Chinese action, might be just as disinflationary so from here, what’s the difference? www.imf.org/en/Blogs/Art...

Trade Balances in China and the US Are Largely Driven by Domestic Macro Forces

Worries that China’s external surpluses result from industrial policies reflect an incomplete view