“Excess capacity has a distorting and damaging effect on global markets”, Lew said.
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Mr. Lou stressed that China’s steel overcapacity was accumulated during the post-economic crisis period, when $609bn were pumped into the economy towards infrastructure – a move that contributed to more than half of global growth in the 2009-11 period.
Washington has imposed anti-dumping tariffs and is investigating if Chinese mills are using stolen US technology. “What is important is to refrain from taking differences as excuses for confrontation”, the Chinese president said.
While the USA favored a more confrontational approach, which included enforcing more tough economic sanctions, China preferred to revive dialogue and staunchly opposed the deployment of the THAAD missile in South Korea.
The SCS dispute has become a flash point between the two countries as the United States backed the Philippines, Vietnam, Malaysia, Brunei and Taiwan to counter China’s claims of nearly all the SCS.
China and the U.S. contributed to the breakthroughs in negotiating the historic Paris agreement on climate change and have maintained effective communication and coordination in the Korean Peninsula nuclear issue, the Iranian nuclear issue, and Syria crisis, it said.
While the USA doesn’t take a position in any of China’s maritime disputes, Kerry said “the US believes “all of the claimants should exercise restraint”. “We hope China will appreciate the value of fostering a dynamic, open investment environment, with China feeding its economy with foreign investment and know how, rather than starving it”.
China has said it will not respect the court’s decision, and there are fears in Manila that China may retaliate by declaring an air defence identification zone in the disputed waters or by reclaiming disputed Scarborough Shoal.
“Let’s resolve this by rule of law, by negotiation, by diplomacy”.
Chinese State advisor Yang Jiechi responded to the criticisms on the same platform saying that the “progress” in human rights in China has been widely acknowledged and that the country’s citizens enjoy freedom in matters of both expression and religion.
The seriousness of the talks seemed to be reflected by the richness of the metaphors too, say US-China watch. “But China has not made an excessive response because we can more truly and accurately understand the true nature of problems and avoid misjudgments through the dialogue mechanism”, Vice Premier Wang Yang said in a speech on Monday. The law puts foreign advocacy groups under direct police supervision, forcing them to state the sources of their funding and explain how budgets are spent. Those deemed to be subverting the state would be banned.
Yang defended the law as necessary to protect the “legal rights and interests” of nongovernment groups.
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China and the European Union (EU) will hold the sixth round of high-level strategic dialogue in Brussels on June 10, said a Foreign Ministry spokesperson on Wednesday.
