There is more to this than the eradication of excess capacity or the shift of production inland.

与其说是过剩产能的蒸发或是生产向内地转移，还不如说是公司倒闭了。

youdao

Demand for energy, raw materials and transport shrank; prices of products such as steel and electrolytic aluminum fell; the problem of excess production capacity became apparent.

能源、原材料和运输需求缩减，钢材、电解铝等产品市场价格下降，产能过剩问题明显暴露。

youdao

But China is not a full picture of the bargaining power, because China's annual iron ore capacity is far in excess of domestic production can be a large number from Australia, Brazil, African imports.

但中方也并非完全掌握议价权力，因为中国每年所需的铁矿石量远超出国内所能生产，必须大量从澳洲、巴西、非洲进口。

youdao

There is more to this than the eradication of excess capacity or the shift of production inland.

ECONOMIST: Chinese business

The result has been production capacity far in excess of Chinese consumers' willingness or ability to consume.

WSJ: China's Consumption Conundrum