Major U.S. Infrastructure Program Could Ease ‘Chinese Steel’ Problem
Dec. 15, 2016 (EIRNS)—In a commentary on President-elect Donald Trump’s announcement that he will launch a $1 trillion crash program to develop American infrastructure, China Daily recalls the offer made by Xi Jinping at the G20 Summit in Hangzhou for mutual global cooperation on the problem of steel overcapacity, saying that Trump’s intention goes in the right direction:
"China is willing to work with the United States to resolve the global steel overcapacity issue. Trump has said he would push for $1 trillion spending on infrastructure construction in the next 10 years that would include building and repairing highways, bridges, airports, schools and hospitals. Since the U.S. cannot produce enough steel to meet that sort of demand, it can buy some of the steel needed from China. This will not only ease the world’s steel overproduction pressure, but also boost the economic recovery of the U.S. and other countries.
"Besides, the China-led Belt and Road Initiative (the Silk Road Economic Belt and 21st Century Maritime Silk Road) is expected to strengthen connectivity and infrastructure construction among countries along the routes and thus boost global steel demands.
"Hopefully, the U.S. and other steel-producing countries will abandon their prejudices toward China and try to sincerely resolve the global steel overproduction issue. Only when more countries make coordinated decisions and strengthen their policy communications, can they eliminate steel overcapacity and achieve win-win results."
As all the Western mainstream media are focused on building U.S.-Chinese tensions over what Trump said and wrote and whatnot, the China Daily piece made clear at least, that China has a genuine interest in cooperating with the new U.S. President.