BEIJING, Aug. 16 (Xinhua) — China’s overcapacity cut efforts will not generate a drag effect on the country’s growth or harm the world economy, an official from the country’s top economic planner said on Tuesday. Zhao Chenxin, spokesperson for the National Development and Reform Commission (NDRC) made the remarks at a news briefing when responding to concerns raised by a Reuters correspondent. Overcapacity is a global problem as a result of the 2008 financial crisis and occurs in many industries such as crude oil, iron ore and auto making, causing shale oil and gas stockpile in the United States and iron ore overproduction in Australia, Zhao said. Even in the steel sector, overcapacity is not just a “China problem.” “Many countries are confronting the problem. It is a global issue,” said Zhao. In 2014, China’s rate of capacity utilization of crude steel was about the same as the world’s […]