China, Lew discuss excess capacity

The United States and China discussed the importance of working together to negotiate new international guidelines governing the provision of export credits and on addressing global excess industrial capacity, US Treasury Secretary Jack Lew said.

Lew made the comments during a meeting with Chinese Minister of Finance Lou Jiwei on the sidelines of a G20 meeting of finance ministers and central bankers in China, according to a statement issued by the Treasury on Sunday.

Lew also expressed support for multilateral initiatives to discuss steel excess capacity and structural adjustment, the statement said.

The two finance ministers also discussed the importance of China implementing its ambitious structural reform agenda to rebalance the Chinese economy toward household consumption and services.