G20 nations pledge to boost trade despite growing protectionism

July 10, 2016

, – Brexit, China concerns –

Concerns over China’s production overcapacity in steel have led to trade disputes with the EU and US, and China’s vice commerce minister Wang Shouwen said Sunday that the G20 economies “have realised the necessity to take global cooperation to handle the challenge caused by production overcapacity”.

But despite claims that China is dumping steel in foreign markets, he said “China’s effort in (handling) over capacity has been highly recognised” by the group.

“While some other countries are talking about how to cut down production, Chinese government has already taken measures which have been effective.”

Meanwhile Britain’s referendum vote to leave the European Union has added new concerns for the recovery of global economic and trade growth.

“Britain leaving the European Union will definitely has some impact on global trade, especially short-term investment,” China’s Wang commented on Sunday.

Britain’s trade minister Mark Price told the Financial Times in Beijing ahead of the weekend talk that tariffs would jump to an average level of at least three percent after its exit from the EU.

He said it’s time to “start exploring options” on trade agreements and “China is making very positive noises at the moment”, the report said.

Part 1 | Part 2

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