March 26, 2018 / 2:49 AM / 3 months ago

China will not export outmoded capacity via Belt and Road scheme: minister

BEIJING (Reuters) - China will not export its excess capacity to countries involved in its “Belt and Road” initiative and will endeavor to not repeat problems it made in the course of its own development, the country’s industry minister said on Monday.

Miao Wei, the head of China’s Ministry of Industry and Information Technology told the China Development Forum in Beijing that excess capacity that had been cut “will not return”.

“We have simply dismantled those plans altogether,” he said.

China has been increasing its investments in countries that are part of its Belt and Road initiative, which envisages improving trade and transport links between China, Southeast Asia, Africa and Eurasia.

Apart from new expressways and ports, these projects have also included coal-fired power plants and oil pipelines.

State-owned SAIC Motor Corp (600104.SS), China’s largest automaker, plans to build a factory in Egypt to supply markets in the Middle East and Africa, China’s Xinhua News Agency reported, citing Egypt’s trade minister.

Reporting by Matthew Miller; Writing by Brenda Goh; Editing by Eric meijer

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