China agrees on steps toward reducing steel exports

HANGZHOU, China (AP) — China agreed to steps toward reducing its politically volatile steel exports but avoided binding limits as leaders of major economies ended a summit Monday with a forceful endorsement of free trade and a crowded agenda that included the Koreas, Syria and refugees.

In a joint statement, President Barack Obama and Chinese President Xi Jinping and the leaders of Britain, Japan, Russia and other Group of 20 economies pledged to boost sluggish global growth by promoting innovation and to strengthen the global financial system.

Beijing made trade a theme of the gathering in this lakeside city southwest of Shanghai but faces complaints that a flood of low-cost Chinese steel into global markets threatens U.S. and European jobs, propelling the rise of political movements that promise to curb trade.

The joint statement calls for formation of a steel forum under the Organization for Economic Cooperation and Development to study excess production capacity.

In a concession to Beijing, the statement doesn't mention China by name and says excess steel capacity is a global issue, though U.S. and European officials say the vast Chinese state-owned industry, which accounts for half of worldwide output, is the root of the problem.

The president used an alternative exit, but quarrels with Chinese officials broke out on the tarmac and at other venues over access by U.S. officials and the traveling press.