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But beyond the more immediate reasons, private investment impulse has been low because of "global uncertainties and overcapacity", India's economic survey pointed out earlier this year.

“China’s overcapacity will increase, there is not doubt about it. They have no other source of growth,” said Alicia Garcia-Herrero, chief economist for the Asia Pacific region at investment bank Natixis.

The association accused the European pork industry of benefiting from inappropriate government subsidies as it suffered from overcapacity — the same accusations that European and American officials have leveled against China’s car industry.

The U.S. position has been that Chinese overcapacity is an issue not just for the U.S. but also for other G7 and developing countries.

They agreed to monitor the negative effects of China’s overcapacity and “consider taking steps to ensure a level playing field.”