China calls for joint efforts to deal with overcapacity

Chinese Vice Premier Wang Yang has called for joint efforts to address industrial overcapacity.

Addressing a joint press conference on Tuesday for the eighth round of China-U.S. Strategic and Economic Dialogues, Wang said both countries recognized that excess capacity in many industries, such as steel, is a global challenge and addressing it needs joint efforts.

"It is the result of the fragile recovery of the world economy and weak demand," the vice premier said.

He called for resorting to legal means, market mechanisms, and proper policies to address this issue. Endi