US officials continue to insist on the reduction of Chinese power
In the United States under the Strategic & Economic Dialogue held a two-day meeting of Ministers of the American and Chinese sides. According to its results, the authorities of China reported on new measures. They will be used to further reduce steel production. Similarly, Beijing has demonstrated its own response to US demands. The us side continues to insist on a speedy reduction of excess export and supply of steel.
A new plan was developed by the Ministry of industry and National Commission for development and reform. Requirements for national steel producers significantly tightened. According to the plan, all steelmakers China
The Minister of Finance of China Lou Jiwei noted that excess capacity emerged in 2008−2013. The impetus was implementation of programs of stimulation of economy. Achieved the desired result by investing. The Minister recalled that in this period, the global economy stabilized only thanks to China’s measures. At the specified time period Western countries had nothing against those efforts. Now the crisis is forgotten by many, which is reflected in the criticism of China in respect of overproduction. Thus, the US and the EU demonstrate its commitment to double standards.
The government of China emphasized calmly accepts the accusations made by Western countries. The country’s representatives continue to speak of a gradual withdrawal from the global market excess capacity. For their part, Western officials threaten China further measures to restrict Chinese imports. The province of Hebei promise this year to close 14.22 million tonnes of steel capacity.