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Lew Says China’s Overcapacity Skewing Markets; U.S. to Push Cuts

  • Treasury Secretary calls excess capacity a ‘central concern’
  • Lew’s remarks come ahead of U.S.-China dialogue in Beijing

The U.S. will push China to reduce excess capacity in its economy at upcoming talks in Beijing, with Treasury Secretary Jacob J. Lew calling it an “area of central concern” Friday in Seoul.

The issue bears watching when “excess capacity is distorting markets and important global commodities,” Lew said in remarks to reporters ahead of the U.S.-China Strategic and Economic Dialogue, scheduled for June 6-7 in Beijing. China Vice Premier Wang Yang, State Councilor Yang Jiechi and U.S. Secretary of State John Kerry will attend the meeting along with Lew.