The US Treasury Secretary told Chinese students at Tsinghua University that excess steel capacity is distorting the world market.
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To maintain peace in Asia and the stability of the global economy, it is crucial for the United States to keep pressing China to abide by worldwide rules and fulfill its responsibilities as a major power.
“As Chinese investment into the US continues to grow, our members note the unequal market access allowed their Chinese competitors”, said AmCham China chief James Zimmerman.
Mr. Kerry and Mr. Yang stuck to their talking points on the contested South China Sea.
BEIJING-The U.S. and China eked out progress on investment and Chinese industrial overcapacity, while remaining at odds over the South China Sea and Beijing’s restrictions on civil society during annual talks on security and economic issues.
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. But China and the US apparently remain at an impasse over China’s territorial claims in the South China Sea.
Mr Lew is participating in the annual Strategic and Economic Dialogue between the U.S. and China, which is also being attended by Secretary of State John Kerry.
The U.S. agenda includes pressing Beijing to move faster with plans to shrink bloated industries including steel, which its trading partners complain is flooding their markets with unfairly cheap exports, hurting their producers and threatening jobs.
The annual U.S. -China Strategic and Economic dialogue is created to give the two countries a platform to exchange views and achieve better understanding. “With the central government’s efforts to further adjust the economic structure, leaning towards technological innovation, the progress in reducing excessive capacity will certainly continue”.
United States business groups have also complained about new Chinese regulations they say favour local firms and make it more hard to operate in China, as well as other laws related to national security.
Wang made the comments in opening remarks to the economic track of the Strategic and Economic Dialogue talks in Beijing.
The challenges will be USA pressure on China to open up its market for financial services further, as well as criticism that the current negative list remains too long.
US Treasury Secretary, Jacob Lew, says the decision will help US firms.
As a positive, Mr. Lew cited China’s pledged restraint on expanding its steel industry, though, he said, similar assurances weren’t given for other industrial sectors.
But Beijing’s top diplomat Yang Jiechi said the U.S. should butt out of disputes that were a long way from its shores, including an global arbitration case brought by the Philippines.
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And Yang added that China “has every right to uphold its territorial sovereignty”, according to AP. On the relationship with America, he quoted a Song Dynasty Chinese poet who said, “Rivers always take meandering paths before reaching their destination”. The Security Dialogue between the US and China has been held every year since 2009, and wraps up on Tuesday.
