The Obama administration wants to press for policies which will help boost the global economy at the upcoming G20 meetings in China.
But the U.S. also wants to address excess capacity - such as China's steel industry which creates far more steel than necessary.
U.S. Treasury Secretary Jack Lew previewed the American agenda for the upcoming meetings at the Brookings Institution.
IN: "The president....
OUT: ...short-term demand."
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U.S. Treasury Secretary Jack Lew says Washington understands restructuring of China's steel industry will be difficult, but he also promised to press the issue.
IN: "I think....
OUT: ...tangible progress."
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At the Brookings Institution, Treasury Secretary Jack Lew added that China needs to follow other countries' lead in restructuring and shuttering outdated steel plants would help China meet environmental priorities.
IN: "It's just...
OUT: ...new capacity."
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