Global trade rules change must address Chinese excess industrial capacity: Moscovici

Any rewrite of global trading rules must deal with the issue of excess industrial capacity in China, European Commission Economic Commissioner Pierre Moscovici said on Wednesday.

"We absolutely need to address the issue of overcapacities in China. Nobody can say that this is not a problem. This has to be dealt with," Moscovici said at a trade event at the International Monetary Fund and World Bank annual meetings in Bali.