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The European Union Chamber of Commerce in China has called on the global community to enhance policy coordination and deepen international collaboration with China, aiming to help the country address its overcapacity challenges. This recommendation was made on the 26th, as the chamber released a comprehensive research report focusing on the issue of overcapacity within China's economy.
The report highlights that major economies such as the United States, Europe, and China should develop long-term strategies to support China in managing its excess production capacity. It suggests that as China continues to reform its financial system, adjust interest rates, improve labor compensation, and reassess its currency, the EU and the US should commit to boosting domestic investment. This would help maintain demand and support China’s ongoing economic transition while keeping export markets open.
At a time when China is working to reduce overcapacity and accelerate its economic transformation, the report stresses the importance of international policy coordination. Without it, conflicts could arise, leading to increased trade tensions that would negatively impact all nations involved.
Speaking at a press conference on the 16th, Woodk, Chairman of the European Union Chamber of Commerce in China, emphasized that Europe is currently facing rising unemployment and increasing trade protectionism. He noted that China will likely continue to face overcapacity issues for years to come and urged European and American officials to recognize this reality when engaging in trade relations with China.
The report, titled “China Overcapacity Research,†was jointly developed by the European Union Chamber of Commerce in China and a globally recognized consulting firm. Based on extensive field research, expert interviews, and analysis from industry professionals, the report delves into the root causes of overcapacity in China and offers a range of policy recommendations.
Overcapacity remains a significant challenge for China's long-term economic sustainability. Zhang Ping, Director of the National Development and Reform Commission, recently highlighted that "the issue of overcapacity is becoming more prominent," calling it a key concern for China’s future development. In August, during a State Council executive meeting chaired by Premier Wen Jiabao, six industries—steel, cement, flat glass, coal chemicals, polysilicon, and wind power equipment—were officially identified as those suffering from overcapacity in China.
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