China refutes EU and US allegations of steel market problems

China exports only about 10 percent of total steel production, well below 40 percent of some developed countries' steel producers. However, the United States and some European Union member states regularly accuse China of overcapacity in the global steel industry and conduct anti-dumping investigations against Chinese steel products.

Oddly enough, Chinese steel exports to the EU and the United States, in physical and value terms, account for only a small percentage of their steel imports. Thus, imposing punitive tariffs on Chinese steel products could only be a ploy to protect their backward sectors.

Overproduction of steel is not a problem for just one country. According to the rules of globalization, this is the concern of all countries. In fact, the G20 leaders in Hangzhou agreed that steel overcapacity is a global problem and called for a global forum for G20 members and the Organization for Economic Cooperation and Development to share information and work together to tackle the problem.

China hopes that the United States and other steelmaking countries will abandon their prejudices against China and try to genuinely address the global problem of overproduction of steel. Only when more countries make coordinated decisions can they eliminate excess steel capacity and ensure win-win results.