US supports China's market reforms, capacity cuts

The United States supports China's efforts to cut excess industrial capacity and encourages its use of fiscal and lending policies to strengthen consumer demand as part of its economic transition, US Treasury Secretary Jack Lew said on Monday.
"Excess capacity has a distorting and damaging effect on global markets," Lew said in prepared remarks at the start of high level bilateral talks in Beijing.
"Implementing policies to substantially reduce production in a range of sectors suffering from overcapacity, including steel and aluminum, is critical to the function and stability of international markets."
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