US Presses China on Industrial Glut

US Presses China on Industrial Glut at Strategic Dialogue.

US,China, Presidents

U.S. Treasury Secretary Jacob Lew urged China on Monday to cut excess steel production that he warned is distorting global trade as the two sides opened a high-level dialogue overshadowed by tension over the South China Sea.

The annual meeting of Cabinet-level foreign affairs, trade and other officials from both sides is meant to head off conflict. The sides also called for closer cooperation between the two biggest economies on climate change, global finance, agriculture and other fields.