Most G20 Trade Ministers Disagreed with Calls to Curb Excess Capacity, Says China
China's commerce ministry reported that the majority of trade ministers from major global economies disagreed with proposals to limit excess industrial capacity during a G20 trade meeting, a stance that differs from a US statement indicating only a small number of nations objected.
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Based on reporting by South China Morning Post:
According to China's commerce ministry, the majority of trade ministers representing the world's largest economies expressed disagreement with calls to restrict excess industrial capacity at a Group of 20 (G20) trade meeting that concluded on Thursday. This assertion contrasts with a statement issued by the United States, which indicated that a small number of countries opposed the measures.
A spokesperson for the Ministry of Commerce stated that matters concerning forced labor and excess industrial capacity were highly contentious during the two-day G20 Trade Ministerial Conference held in Milwaukee, Wisconsin.
The spokesperson further noted that the meeting did not manage to produce an outcome document on the pertinent issues because of the varied perspectives held by most member states.
Conversely, a statement from US trade representatives on Friday mentioned that a "handful" of trade ministers declined to establish a "pathway towards cooperative action" regarding excess capacity and "non-market" policies, such as forced labor, without specifying the nations involved.
These divergent viewpoints from the US-led meeting suggest that industrial supply will be a central topic in the upcoming second round of trade discussions between China and the EU, scheduled for Thursday and Friday in Beijing.
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