China Ministry of Commerce Responds to US-Led Joint Statement on Industrial Capacity

According to a report from China News Service, the Ministry of Commerce has officially responded to inquiries regarding a joint statement released by the United States and several other economies. This statement addresses concerns about what the participants describe as structural capacity and production oversupply issues within the global market. The United States Trade Representative office recently announced that it convened senior officials from fourteen different economies to hold a meeting. During this gathering, the participants signed and released a joint ministerial statement that focuses on addressing the perceived problems related to structural capacity and the issue of production oversupply. Chinese officials have taken note of these developments regarding the joint statement. The government has previously clarified its perspective on the topic of capacity oversupply on various occasions. Furthermore, the nation released a specific position paper during the month of July to outline its official stance on these complex matters. China maintains that capacity issues must be viewed objectively and fairly rather than through the lens of industrial competition. The government opposes using oversupply claims to justify trade protectionism, which disrupts global supply chains. If other economies take actions harming Chinese interests, the nation will implement necessary and appropriate countermeasures accordingly.