overcapacity

Until 2022 there was a rush to build more but the Scottish government put the brakes on development fearing there would end up being an overcapacity.

"For a long time we have had overcapacity at that facility, and that is simply not sustainable," Mr Schulman said.

But beyond the more immediate reasons, private investment impulse has been low because of "global uncertainties and overcapacity", India's economic survey pointed out earlier this year.

“China’s overcapacity will increase, there is not doubt about it. They have no other source of growth,” said Alicia Garcia-Herrero, chief economist for the Asia Pacific region at investment bank Natixis.

The association accused the European pork industry of benefiting from inappropriate government subsidies as it suffered from overcapacity — the same accusations that European and American officials have leveled against China’s car industry.