China Agrees to Reduce Steel Exports

CHINA September 06 2016 5:51 PM

SHANGHAI (Scrap Register): China agreed on taking the steps to reduce its politically volatile steel exports and to to be cooperate more closely with its trading partners. China has also agreed to the creation of a global forum to study excess production capacity in the steel industry, and as per agreement no binding limits is imposed on Chinese output, as per reports.

The leaders of major economies ended a summit with a forceful endorsement of free trade and a crowded agenda that included the Koreas, Syria and refugees. The nations participated in the summit have pledged to boost sluggish global growth by promoting innovation.

Even though China has agreed to boost sluggish global growth through increased trade, the country faces complaints that a flood of low-cost Chinese steel exports threatens US and European jobs, encouraging calls for trade curbs.