Obama Appeals To China On Industrial Production CrisisFeatured, Latest News, U.S./Canada, World News Tuesday, September 20th, 2016
BALTIMORE, MD (AFRICAN EXAMINER) – US President Barack Obama has appealed to China to accelerate measures to check challenge of overproduction of industrial products.
In a statement from The White House, President Obama equally urged China to establish a level playing field, so as to ensure that all firms could compete fairly in the country.
Obama made the appeal when he met with the Premier Li Keqiang on the sidelines of the ongoing United Nations General Assembly in New York.
China has been accused in the past, of unfair practices by firms overseas for dumping products at low prices in their home markets.
Specifically, in April, China promised to reduce its steel output, following a crisis meeting attended by 30 nations.
Similarly, early 2016, the European Union Chamber of Commerce in China accused China of not doing enough to address the issue of overcapacity.
While expressing his displeasure, the European Chamber President Joerg Wuttke stated: “Although the Party’s annual Central Economic Work Conference has listed addressing overcapacity as a priority every year from 2007 to 2015, fundamental changes have not yet taken place.
He restated: “Tackling overcapacity is now more urgent than ever: the cost of maintaining the status quo is far too high.”
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