Treasury’s Lew Discusses Global Excess Capacity with China, According to Reuters

CHENGDU, China – The United States and China emphasized the need for cooperation in negotiating new international guidelines related to export credits and tackling global excess industrial capacity, according to U.S. Treasury Secretary Jack Lew.

Lew’s remarks came during a meeting with Chinese Finance Minister Lou Jiwei, which took place on the sidelines of a G20 gathering of finance ministers and central bankers. The discussion highlighted the importance of multilateral efforts to address issues of excess capacity in the steel industry and the need for structural adjustments.

Additionally, Lew noted the significance of China’s commitment to its ambitious structural reform agenda, aimed at shifting the Chinese economy towards greater reliance on household consumption and services.