As the United States and China wrapped up talks this week touting bilateral cooperation on strategic and economic issues, many in the USA business community say the annual dialogue is delivering diminishing returns in resolving commercial disputes.
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US Secretary of State John Kerry speaks during a climate change meeting at the eight round of U.S-China strategic and economic dialogues & the seventh round of U.S-China high-level consultation on people-to-people exchange on June 6, 2016 in Beijing, China.
Lew said excess capacity had a “distorting and damaging effect” on world markets, but China’s finance minister replied that the world was merely “pointing a finger” at his country.
China on Tuesday pledged to cut down on “steel overcapacity” as annual U.S.
Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, said on Tuesday in a statement that his institute welcomed “the new commitments by Chinese leaders to adopt measures to strictly contain steel capacity expansion, reduce net steel capacity, eliminate outdated steel capacity, and dispose of “zombie enterprises” through restructuring, bankruptcy and liquidation, as appropriate”.
Beijing promised to cut down on “steel overproduction” on Tuesday as USA and China wrapped up the two-day annual Strategic and Economic Dialogue in Beijing.
The president called on both sides to focus on cooperation, manage their differences properly and promote the healthy and stable development of China-U.S. relations. Beijing has said it needs time to address its excess capacity problem.
China, which now produces more than half of the world’s steel, has criticised U.S. anti-dumping duties targeting Chinese steelmakers as irrational and harmful to diplomatic ties. Dollar said the excess steel coming out of China is more than output of the world’s number two steel producer, Japan.
This Strategic and Economic Dialogue was the last for the Obama administration, and there is uncertainty about how much importance the next president might give to the annual talks.
Beijing also agreed for the first time to allow USA banks to join the growing number of institutions outside China that are allowed to clear transactions denominated in the country’s tightly controlled currency, the yuan.
Vanguard, the largest USA mutual fund manager, said in a statement that it was premature to discuss its plans in the wake of China’s announcement.
United States and China Discuss Challenges of Civil Aviation at the 8th U.S.
In the eighth round of the U.S. On the relationship with America, he quoted a Song Dynasty Chinese poet who said, “Rivers always take meandering paths before reaching their destination”. This has become an ever more contentious issue between the two countries, with the US sending warships and aircraft carriers to the region.
“As long as they abide by Chinese laws, the activity of foreign NGOs in China will not be affected”, he said. Both countries reaffirmed their positions, but Washington D.C. has slightly softened its tone.”The U.S. will make it clear that we are looking for a peaceful resolution to the disputes of the South China Sea”.
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“That timeline will have devastating effects on the USA steel industry and Europe’s steel industry”, he said.
