The ministerial meeting of the Global Forum on overcapacity for iron and steel was held in Berlin, Germany

In November 30, 2017, the ministerial meeting of the Global Forum on overcapacity for iron and steel was held in Berlin, Germany. The Assistant Minister of Commerce of the Chinese Ministry of Commerce, Li Chenggang, was invited by the German government of the forum of the forum to attend the meeting.

China points out that overcapacity is a universal, cyclical and structural issue arising from the global economic development. It is not a unique economic phenomenon in the iron and steel industry. It is a common difficulty and challenge faced by all the countries in the world. It is not a unique problem in China. The reasons for this are manifold. The fundamental reason for this global problem is that the US financial crisis caused the world economic recession in 2008, resulting in a decline in steel demand. This is also the consensus of the leaders at the G20 summit in Hangzhou.

China emphasizes that in recent years, the Chinese government has taken the initiative to push forward the structural reform of the supply side of the steel industry, and actively resolve the excess capacity by means of marketization and legalization, with clear objectives, effective measures and remarkable results. Since 2016, more than 1 billion tons of backward steel production capacity have been eliminated. According to the sharing of information from the members of the forum, China's steel production capacity reduction in 2014-2016 years is more than 120% of the total global reduction. To this end, China has paid a huge price and overcome many difficulties. In 2016 alone, the steel industry resettled 201 thousand employees, which exceeded the total number of steel employment in the US and Japan, which is equivalent to 60% of the total number of steel employment in Europe. Taking the lead in resolving the excess capacity of steel industry, China is a conscious, active, steadfast and continuous action. It is also a need for its own development and has made an important contribution to the development of the world's steel industry. A substantive report containing specific policy measures to serve as the basis for practical and rapid policy action

China said that China actively participated in the constructive attitude and actively promoted the forum process. China welcomes the consensus of the forum. China hopes that members can further strengthen information sharing and cooperation in the future, and guide the steel industry to form a healthy development trend, contributing to the healthy development of the global steel industry.

The Global Forum on iron and steel overcapacity was established in December 2016 according to the consensus of G20 leaders Hangzhou summit, including 33 members of G20 and interested OECD members. According to the G20 Hamburg summit communique, the forum should be formed by November 2017.