China wants to develop factories overseas to help deal with massive overcapacity in industries such as steel
South China Morning Post - Wednesday, 15 June, 2016
China will promote its policy of developing factories and infrastructure projects overseas during President Xi Jinping’s trip to Central Asia and eastern Europe later this month. The measures form part of China’s efforts to deal with its massive industrial overcapacity in sectors such as steel and to increase markets for its goods. The president will also promote China’s “Belt and Road” initiative to develop its trade and economic ties overseas during his trip, according to a senior Chinese official. Xi will pay state visits to Serbia, Poland and Uzbekistan from June 17 to 22. He will then attend the 16th meeting of the council of heads of state of the Shanghai Cooperation Organisation in Tashkent, the capital city of Uzbekistan, on June 23 and 24. The organisation is a regional political bloc covering China, Russia and Central Asian nations. China’s export of domestic manufacturing overcapacity was set to top the agenda during Xi’s three-nation visit, said Liu Haixing, Assistant Minister of Foreign Affairs, at a press briefing on Wednesday.