China, US agree to cooperate on steel glut, North Korea sanctions

China pledged on Tuesday to rein in excess steel output and work with the US to enforce sanctions against North Korea, but there was no progress on the simmering tensions in the South China Sea, according to the South China Morning Post. The pledge was made as China and the United States wrapped up their two-day annual Strategic and Economic Dialogue, labelled by officials as the most productive in years despite disagreements on many issues. On the plus side, Beijing agreed to try to curb excess steel production, avoid competitive devaluations of the yuan and wind down unprofitable “zombie enterprises”. Both sides also said they welcomed investment from each other.