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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 address the issue of overcapacity. This proposal was made on the 26th, as the chamber released a comprehensive report focusing on China’s overcapacity challenges.
The report suggests that major economies, including the United States, Europe, and China, should develop long-term strategies to support China in managing its excess production capacity. It emphasizes that as China continues to adjust interest rates, open up its financial system, improve labor compensation, reform land policies, and reassess its currency, the EU and the US should commit to supporting domestic investments. This would help maintain demand and sustain China’s ongoing economic transition while keeping export markets open.
The report highlights the importance of global policy coordination at a time when China is working to reduce overcapacity and accelerate its economic transformation. Without such cooperation, conflicts could arise, leading to escalating trade tensions that would negatively impact all nations involved.
At a press conference on the 16th, the chamber's chairman, Woodk, stated that Europe is currently facing rising unemployment and increasing trade protectionism, while China will likely continue to struggle with overcapacity for years to come. He urged European and American officials to recognize this reality when engaging with China and to approach their trade relationship with a more balanced perspective.
The report, titled “China Overcapacity Research,†was jointly developed by the European Union Chamber of Commerce in China and a globally recognized consulting firm. Drawing on field research, expert interviews, and analysis, the authors explored the root causes of overcapacity in China and provided several policy recommendations.
Overcapacity remains a significant challenge for China’s sustainable economic growth. Zhang Ping, director of the National Development and Reform Commission, recently emphasized that the issue of overcapacity is becoming increasingly critical and must be a key focus for China moving forward. In August, during a State Council meeting chaired by Premier Wen Jiabao, six industries—steel, cement, flat glass, coal chemicals, polysilicon, and wind power equipment—were identified as those currently suffering from overcapacity in China.
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