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China takes lead in reducing overcapacity

Chinese Vice Finance Minister Zhu Guangyao has said industrial overcapacity is a global challenge requiring concerted action. Zhu made the remarks during a press conference on Friday in Hangzhou, east China’s Zhejiang Province. He said the global economy faces increasing uncertainties and downward pressure, and China hopes the international community will reach a consensus on economic structural reforms. He said China has taken the lead in cutting excessive production capacity.

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