BEIJING (AP) - China promised to rein in production of steel that is flooding global markets and work with Washington to enforce North Korea nuclear sanctions, as high-level talks between the superpowers ended Tuesday with no announcements of progress on simmering disputes in the South China Sea.
Envoys from the two sides also didn't agree on what to do about China's aluminum producers, among the bloated industries Washington and other trading partners complain are dumping exports too cheaply, hurting foreign competitors and threatening jobs.
The two-day annual Strategic & Economic Dialogue concluded with both sides acknowledging disagreements on significant issues including human rights. However, the world's biggest economic powers repeatedly stressed their desire for friendly, productive relations.
"While efforts over the past several days cannot resolve our concerns, they do represent real progress," U.S. Treasury Secretary Jacob Lew said.
For its part, Washington vowed to boost its savings rate and investment, especially in infrastructure. The American side said it would pursue "fiscal sustainability," a reference to narrowing its yawning budget deficits.
China's commitment to persist with reforms to make its economy more balanced included shrinking its vast steel industry and opening its financial sector wider to U.S. companies, Lew told reporters.
Commercial tensions are growing. The U.S. and other countries feel Beijing has responded to a glut of unneeded supply by encouraging low-priced exports.