Full coverage: G20 Hangzhou Summit

Chinese Vice Finance Minister Zhu Guangyao says  industrial overcapacity is a global challenge requiring concerted action. Zhu made the remarks during a press conference on Friday in Hangzhou.

He said the global economy faces increasing uncertainties and downward pressure, citing Britain's decision to leave the EU, a divergence of monetary policies among developed economies, and sluggish economies in emerging markets.

Zhu Guangyao said China hopes the international community will reach a consensus on economic structural reforms. He said China has taken the lead in cutting excessive production capacity.

"China is taking a lead in actions against production overcapacity among the global economies. China has also launched the strongest policies to address the problem. We have combined market principles with legal means to reduce excessive capacity," Zhu said.