us official excess capacity ‘corrosive’ for china growth
Last Updated : GMT 04:31:41
Arab Today, arab today
Arab Today, arab today

US official: Excess capacity ‘corrosive’ for China growth

Arab Today, arab today

Arab Today, arab today US official: Excess capacity ‘corrosive’ for China growth

US official: Excess capacity ‘corrosive’ for China growth
Beijing - Arab Today

China’s excess industrial capacity will have a “corrosive” impact on its future growth and efficiency unless it is reduced, US Treasury Secretary Jack Lew said, adding that it was also causing distortions in global markets.

Lew, speaking to students in Beijing, said he hoped to make progress on the excess capacity issue in bilateral meetings with senior Chinese officials starting on Monday in Beijing. 
He noted that past discussions had eased currency tensions between the world’s two largest economies.
“Excess capacity is not just a domestic issue in China,” Lew said at Tsinghua University.
“The question of excess capacity is one that literally has an enormous effect on global markets for things like steel and aluminum, and we’re seeing distortions in global markets because of excess capacity.”
A flood of Chinese steel into the US has prompted the US Commerce Department to impose anti-dumping and anti-subsidy duties on a wide-range of Chinese steel products, while US business groups have complained about new Chinese regulations they say favor local firms.
China, which now produces more than half of the world’s steel, has criticized US anti-dumping duties targeting Chinese steelmakers as irrational and harmful to diplomatic ties. Beijing has said it needs time to address its excess capacity problem.
Lew said excess Chinese steel capacity was causing problems for steel-producing economies worldwide, and government subsidies were at the root of the problem by encouraging overbuilding.
“Excess capacity ultimately is corrosive of an economy’s efficiency,” Lew said. 
“It means you have misallocation of resources, it means that ultimately, the only way to clear the market is to sell things at a price that is below what the world market price would otherwise be.”
Lew credited past sessions of the annual US-China Strategic and Economic Dialogue talks with helping to reach understandings that have made currency less of an irritant for the two countries. The Treasury did not designate China as a currency manipulator in its recent currency report because it found that China’s recent interventions were not problematic, he said.
China’s latest interventions have been aimed at supporting the yuan’s value, not pushing it down.
“It’s fundamentally in China’s interest not to have an undervalued exchange rate,” Lew said, adding that a market-driven yuan would benefit Chinese consumers’ purchasing power.
“Having a strong consumer in China is central to the future of China’s growth,” Lew added.
Lew also said he hoped to make progress on market access, including efforts to open China’s financial services and health care markets.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us official excess capacity ‘corrosive’ for china growth us official excess capacity ‘corrosive’ for china growth

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us official excess capacity ‘corrosive’ for china growth us official excess capacity ‘corrosive’ for china growth

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday