'WHY China Is Starting a New Trade War.' The Wall Street Journal (WSJ) recently published a subpar article with this sensational headline. It starts from stating that China hopes to restore economic vitality through increased investment in manufacturing, suggesting that this will squeeze businesses around the world and raise the specter of a new global trade war. This viewpoint is hardly new, merely recycling the old argument of 'overcapacity.' However, WSJ has attached the provocative 'global trade war' label to attract attention and generate buzz.

According to WSJ's twisted logic, China is 'guilty' of opening-up, while the US' protectionist policies are seen as 'justified.' The article also offers guidance, suggesting that China's economy needs 'a fundamental rethink, graduating from its traditional heavy reliance on manufacturing and construction and instead putting greater priority on domestic consumption — a shift that would make China more like the US, and potentially put it on a more stable growth path.'