US President Barack Obama urges China to tackle excess capacity

Date:

9/19/2016

Time:

18:58:11

Source:

BBC News

Content:

US President Barack Obama has urged China to accelerate measures to tackle overproduction of industrial goods. China has been accused of unfair practices by firms overseas for dumping products at low prices in their home markets. In April, China promised to reduce its steel output, following a crisis meeting attended by 30 nations. The President met Premier Li Keqiang on the sidelines of the United Nations General Assembly in New York. In a statement from The White House, President Obama also urged China to establish a level playing field, so that all firms can compete fairly in the country. Earlier this year, the European Union Chamber of Commerce in China accused China of not doing enough to address the issue of overcapacity. European Chamber President Joerg Wuttke said: "Although the Partys annual Central Economic Work Conference has listed addressing overcapacity as a priority every year from 2007 to 2015, fundamental changes have not yet taken place. "Tackling overcapacity is now more urgent than ever: the cost of maintaining the status quo is far too high." 63.7bn tonnes in 2015 67.5% used in 2015 70.9% used in 2014

Orignial Link :

http://www.bbc.com/news/business-37415202

crawlTime:

9/19/2016 10:10:23 PM