Experts say chemical steel industry will become the focus of new trade friction

Wang Xinkui, president of the Shanghai WTO Affairs Consultation Center and the Shanghai Municipal Government's decision-making consultancy, said that following the textile and footwear industry, the chemical and steel industries will become the focus of the next round of trade friction.

Wang Xinkui said that from the perspective of the steel industry, China is now a net exporter of steel. The main reason was that various regions had worked hard on steel projects some time ago, causing a rapid increase in steel production. Therefore, the friction in the steel trade is inevitable.

In comparison, Wang Xinkui is most worried about the chemical industry. He said that although exports of chemical products have not yet caused the same impact as current textiles, some European companies have begun to transfer to the coastal areas on a large scale due to pressure from the environment, waiting for something like Rotterdam in the Netherlands. Large chemical companies are closed, and chemical companies moving to China are built. There will be a large number of chemical products flocking to the EU. Some EU member states, such as Hungary, which are economically backward, are also constructing and introducing some chemical projects. They can't transfer companies to China like developed countries such as the Netherlands. By then, the contradictions within the EU will surely be great, and fierce trade frictions will again be staged.

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