Q: On October 7, the Office of the United States Trade Representative (USTR) issued an announcement stating that the U.S. recently convened senior officials from 14 economies for a meeting, at which they jointly signed and issued a joint ministerial statement on addressing the so-called “structural excess capacity and production.” What is MOFCOM’s comment on this?

A: We have noted the relevant developments. China has stated its views on the so-called “excess capacity” issue on multiple occasions, and issued a dedicated position paper on the issue in July this year.

China has consistently maintained that production capacity issues should be viewed in a comprehensive, objective and fair manner, and that economic and trade issues should not be politicized out of concerns over one’s own industrial competitiveness and market position. China opposes certain countries’ practice of pursuing trade protectionism under the pretext of so-called “excess capacity”, which will only disrupt the global economic and trade order, undermine the stability of industrial and supply chains, and pose long-term risks to world economic growth. If relevant economies use this as a pretext to take measures that harm China’s interests in the future, China will take necessary measures in response.

China is committed to building a modern industrial system through open cooperation, and supports the establishment of a fair and equitable international economic order. China calls on all relevant parties to uphold multilateralism, advocate mutual benefit and win-win outcomes, respect market rules, and jointly safeguard an open and inclusive landscape for global industrial and supply chain cooperation. (Released on October 9)