For years, currency concerns were at the top of the agenda for US economic policymakers visiting Beijing. But as the Obama administration’s economic team prepares for its final “strategic and economic dialogue” with Chinese counterparts next week, there are signs the renminbi has been usurped by a new worry.
US officials have been expressing anxiety over Chinese industrial overcapacity and runaway production by the largely state-owned steel sector and other heavy industry that Beijing has pledged to rein in.
Previewing the discussions, Nathan Sheets, the US Treasury’s undersecretary for international affairs, recently called for China to allow its industrial sectors “to better reflect capacity and global demand conditions”.
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