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China Action To Defuse Excess Steel Capacity Is At The Forefront Of The World
- Dec 18, 2017 -

China is at the forefront of the world in defusing overcapacity in the steel industry, China's Ministry of Commerce spokesman said 14th in Beijing.

Earlier reports said that the United States and Europe and Japan will be a group in the pressure on China steel overcapacity.

"I would like to emphasize that we oppose the practice of individual developed countries to put pressure on developing countries," the summit said at a press conference. China always believed that the divergences in international economic and trade areas could be properly resolved by the parties through friendly consultations.

China has cut steel production capacity by more than 100 million tonnes since 2016, and the "Thirteen-Five" period will reduce steel production capacity by 1-1, 500 million tonnes, the summit said. To this end, China "has paid a huge price to overcome the difficulties", the resettlement of 201,000 steel workers in only 2016 years, more than the United States and Japan's respective steel industry employment, equivalent to the European steel employment in the total number of more than 60%.

"It can be said that China has been at the forefront of the world in resolving steel overcapacity and has made an important contribution to the global steel overcapacity problem." "Peak said.

Last month, Li Chenggang, Assistant Minister of Commerce of China, said at the ministerial meeting of the Global Forum on steel overcapacity that overcapacity was a universal, cyclical, structural problem in the global economic development process, not a unique economic phenomenon in the steel industry, and a common difficulty and challenge facing all countries in the world, not a unique issue in China. The reason for this is manifold, the root cause of the global problem of this steel overcapacity is that the 2008 US financial crisis caused the world economic recession, resulting in a decline in steel demand. This is also the consensus of leaders at the G20 Hangzhou summit