Speaking at the G20 2016 summit in Hangzhou, China, the European Commission (EC) president Jean-Claude Juncker stated that China must address its problem of industrial overcapacity, adding that it is unacceptable the European steel industry has lost so many jobs in recent years, as reported by the BBC. "Overcapacity is a global problem but there is a particular Chinese element," the European Commission president added.
Meanwhile, in a joint statement G20 leaders said that they recognize that excess capacity in steel and other industries is a global issue which requires collective responses and they also recognize that subsidies and other types of support from government or government-sponsored institutions can cause market distortions and contribute to global excess capacity and therefore require attention. Accordingly, the leaders called for increased information sharing and cooperation through the formation of a Global Forum on steel excess capacity, to be facilitated by the OECD with the active participation of G20 members and interested OECD members.