Hangzhou, China. China steel exports – Steel crisis was raised al G20 summit. An important opportunity for Europe and United States to raise this issue with the Chinese delegates.
G20 reinforces support for global steel forum.
G20 leaders called for increased information sharing and co-operation through the creation of the forum, which will have the active participation of G20 members and interested OECD members. U.S. and European officials say the vast Chinese state-owned industry, which accounts for half of worldwide output, is the root of the problem. Beijing promised in January to reduce steel production capacity by 100 to 150 million tons by 2020.
G20: the reaction to the 2008 financial crisis.
The G20 group of nations has agreed to take part in a global forum on steel overcapacity being set up by the Organization for Economic Co-operation & Development (OECD). They want the G-20, created to respond to the 2008 financial crisis, to take on a longer-term role promoting trade and economic growth. The president of the European Union’s governing body, Jean-Claude Juncker, called for the G-20 to take action on steel. He said the trade bloc will look at Beijing’s response when deciding whether to grant China market economy status, which would make it harder to bring anti-dumping cases. The trade ministers of the G20 had already expressed their support.
China steel export. It promises co-operation on steel.
China agreed to co-operate more closely with its trading partners on its politically volatile steel exports. Joint statement calls for formation of a steel forum under the Organization for Economic Cooperation and Development to study excess production capacity. The statement says excess steel capacity is a global issue. The Steel forum could help to ease strains with Beijing’s trading partners. It may help to reassure countries about tangible steps China is taking. And crucially, what has come out of the G20 is an agreement to set up this new forum which will be looking at actions that lead to over-capacity and over-production, and the Chinese will be a member of that forum. We look forward to a progress report on the efforts of the Global Forum to the relevant G20 ministers in 2017.
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