Through capital and currency controls, the yuan is structurally undervalued between 9 and 25% depending on your source. That’s a direct transfer from the Chines

Through capital and currency controls, the yuan is structurally undervalued between 9 and 25% depending on your source. That’s a direct transfer from the Chinese consumer to the Chinese exporter. That’s hundreds of billions of dollars before we get to cash subsidies, IP subsidies, central direction, property right differences etc. The Chinese approach is so different than the western approach that there isn’t broad consensus on how to quantify it, but it’s for sure more than the direct subsidies that something like the WTO was built to negotiate.