China reaffirms pledge to cut steel production at G20 summit
- By Zhang Lulu
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E-mail China.org.cn, September 5, 2016
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European Commission President Jean-Claude Juncker (R) at a pre-G20 press conference in Hangzhou on Sept. 5. [Photo by Zhang Lulu/China.org.cn] |
China reaffirms its pledge to cut steel production capacity at the ongoing Group of 20 (G20) summit in the eastern Chinese city of Hangzhou.
During his speech on Saturday delivered at the B20, the signature business meeting of the G20 summit, Chinese President Xi Jinping said that his country will cut crude steel production capacity by 100 to 150 million tons by 2020. "China will use the utmost effort and most concrete measures regarding production overcapacity; it walks the walk," he said.
China has been blamed for the current global steel glut. The country exported about 103 million tons of crude steel last year, accounting for 12.8 percent of domestic output. This is only half of the world's average level, officials have said previously.
During a press conference at the G20 summit on Sunday, European Commission President Jean-Claude Juncker called for China to set up a mechanism to monitor the country's steel overcapacity and said it is "crucial" for China to address the issue.
A European Council official attending the G20 summit told China.org.cn on condition of anonymity that the mechanism will probably be launched under the framework of the Organization for Economic Co-operation and Development (OECD), but he said he is not aware of any detailed arrangements made on the mechanism so far.
Some countries have been blaming China, saying that the country is subsidizing its steel industry, resulting in an increasing number of anti-dumping and anti-subsidy measures. A total of 37 such measures were issued against China's steel sector last year. Chinese officials, however, have said that the country is not subsidizing its steel industry and has, on the contrary, put tariffs on some products.
The European Union currently has 15 anti-dumping and anti-subsidy measures against China's steel industry, the latest one being levied in early August. The Chinese Ministry of Commerce responded by saying it is a trade protectionist tactic and goes against a consensus reached during a G20 trade ministers' meeting held in July, when participating trader ministers acknowledged steel overcapacity as a global issue and committed not to raise new trade protective measures.
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