Chinese Pres. denies any problem with China's "overcapacity"

PARIS, May 6 (KUNA) -- Chinese President Xi Jinping denied Monday any problem with China's "overcapacity" distorting global trade.
BFM News quoted the Chinese sources as saying that the Chinese President, who is on a state visit to France, said that the so-called problem of overcapacity in China "does not exist," while the Europeans are concerned about the influx of heavily subsidized Chinese products into their market, which may distort global competition.
President Jinping affirmed to his French counterpart Emmanuel Macron and European Commission President Ursula von der Leyen during their tripartite meeting at the Elysee Palace that "the new Chinese energy industry has made it possible to increase global supply and reduce inflation pressures." "China's so-called overcapacity problem does not exist, whether from the point of view of comparative advantage or in light of global demand," he added.
The Chinese President's visit to France officially began earlier today to discuss international crises, the war in Ukraine, and the situation in the Middle East, in addition to trade and scientific, cultural and sports cooperation. (end) mo.aa