Strong analysis. The inventory accumulation you identify is the operational mechanism, but I think the framework is sharper than "deferred adjustment" — this is what stock-induced lock-in looks like at the production node. Chinese firms cannot exit overproduction because exiting crystallizes political-economy losses (employment, regional GDP, banking system NPLs against the working-capital loans the credit data shows) that the development model cannot absorb politically. The inventory is being warehoused on bank balance sheets through short-term loans because that is the only routing available when consumption cannot rise and net exports are saturated. The Channel A/B argument from Stock Elephant Part IV (speculativa.substack.co…) applies: the path through B (production cuts, employment loss) fires before the path through A (household consumption recovery) can complete. Rebalancing cannot proceed unilaterally because the global system cannot absorb the counterpart adjustment. The fix is architectural, not domestic-policy.