China releases document on 'excess capacity' issue

China has called for a comprehensive, objective and fair view of capacity issues, warning that protectionism would pose long-term risks to global growth, according to a document released by the Ministry of Commerce on Tuesday.

Titled "China's Position on the So-called Excess Capacity Issue", the document was issued to clarify relevant facts and set out China's policy stance on the matter, the ministry said.

The rapid development of China's modern industries has been driven by innovation, while continued reform has underpinned their steady and sound performance, the document said.

China's modern industrial development represents a "China Opportunity 2.0" for the world, rather than a "China Shock 2.0", it added.

Capacity issues should be viewed in their historical context and from a dialectical perspective, it said, calling on countries to uphold openness and cooperation, pursue mutual benefit and win-win outcomes and work together to resolve differences.

Protectionism, by contrast, would only disrupt the global economic and trade order, undermine the security and stability of global industrial and supply chains, and hinder the sound and orderly development of industrial cooperation, the ministry warned.