Chinese officials insist steel overcapacity is a global issue, but US and European officials say Beijing’s vast state-owned industry, which accounts for half of global output, is the root of the problem. Photo: APHangzhou, China: China agreed to steps toward reducing its politically volatile steel exports but avoided binding commitments, as leaders of major economies ended a summit with a crowded agenda that also included trade, the Koreas and Syria. The agreement included no binding limits on Chinese output. Washington has hiked import duties by 500% on Chinese steel to offset what it says are improper subsidies. Chinese officials want the grouping, created to respond to the 2008 financial crisis, to take on a longer-term regulatory role.

Source: Mint September 05, 2016 11:48 UTC