China will not export obsolete capital goods

Over the years, China has been phasing out overcapacity in the steel sector. At the same time, the Minister of Industry and Information Technology of China, Miao Wei, assured: “China will not export obsolete capital goods, eliminated in the process of reducing excess production capacity, to other countries under the Belt and Road Initiative.

This global logistics initiative, promoted by Beijing, aims to revive international trade and increase China's economic sphere of influence by creating transport corridors connecting the country with Asian, African and European countries. As part of the project, in addition to transport infrastructure, oil pipelines and coal-fired power plants will be created.

Speaking at the Beijing Development Forum in Beijing, Minister Miao recalled that China has been steadily reducing excess capacity in the steel sector for several years. He stressed that the production lines removed in connection with this "absolutely will not be exported" to other countries.

China will try not to repeat the problems caused by its own development, such as environmental pollution, says Miao, who is quoted in the Chinese press. He acknowledged that China is paying a high price to cut its surplus, which requires the redeployment of hundreds of thousands of steelworkers.

China's largest automobile manufacturer, state-owned SAIC Motor, is planning to build a plant in Egypt that will supply markets in the Middle East and Africa, China's Xinhua News Agency said, citing Egyptian Minister of Industry, Trade and Enterprise Tariq Kabila.