Beijing Advisers Debate China's Industrial Policy as Surging Trade Surplus Stokes Tensions

• Some Beijing advisers warn China's state-led industrial policy could have "detrimental" implications as surging exports widen trade surplus.

• Advisers divided on whether industrial policy gives China competitive advantage or risks backlash from US, Europe.

• Peking University dean Huang Yiping says balance needed between domestic consumption and government investment.

• Experts warn of unprecedented $1.5 trillion trade surplus in industrial goods, requiring "goodwill from foreign countries".

• Other advisers contend industrial policy still has "vitality" and overcapacity not a reason to abandon it.