This happened a lot in other industries if not every, like IEM (Chi-fi), PC gaming handheld, mechanical keyboard, smartphone, 3d printer, solar pannel...At this

This happened a lot in other industries if not every, like IEM (Chi-fi), PC gaming handheld, mechanical keyboard, smartphone, 3d printer, solar pannel...At this point it feels a combination of abundant manufacturing know-how, strong entrepreneur culture, fast pace decision making, government policy, fierce market competition and all other reasons creates a synchronizing effect that always causes overcapacity + racing to bottom. Ironically Chinese government has quite a lot experience handling overcapacity, sometimes caused by them sometimes not :/