China announced early last year that it would close as much as 150 million tonnes of production over the 2016-2020 period.
He said China would continue to encourage foreign enterprises to invest in China while at the same time encouraging domestic firms to go overseas.
Worried its export-dependent industries will suffer, China has repeatedly urged global leaders to reject protectionism, which Trump has championed with his "America First" campaign.
Xu said the total number of loss-making steelmakers fell 51 percent last year, while overall sector profits rose more than twofold in 2016.
China`s steel sector has been under particular scrutiny, with mills subject to increasing numbers of anti-dumping moves amid accusations that they were selling at less than cost and forcing foreign competitors out of business.
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