A war of words between China and the US over management of the Chinese economy escalated yesterday when Beijing dismissed Washington’s concerns about overcapacity as “hype”.
In a rare display of anger at US criticism, Lou Jiwei, Chinese finance minister, said worries were overblown and pointedly observed that Washington found no reason to complain when China boosted world demand during the depths of the financial crisis.
“The overcapacity problem, particularly in steel, has been subject to much hype around the world,” Mr Jiwei said at a briefing.
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