China's industrial overcapacity damaging global economy: study

China's overcapacity in heavy industries is wreaking "far-reaching" damage on the global economy, with steel production "completely untethered" from market demand, the European Union Chamber of Commerce in China said on Monday. The Asian giant's steel industry manufactures more than the next four largest producers combined -- Japan, India, the US, and Russia -- the chamber said in a report, warning that more than 60 percent of China's aluminium industry has negative cash flow. "China has not fol