Both countries realized that industrial overcapacity in steel and other industries has become a global challenge and joint efforts are needed. China will reduce steel production to ease the oversupply problem in the global market, Chinese Vice Premier Wang Yang told reporters at a joint press conference following the dialogue. However, both sides failed to agree on China's aluminum production. Washington and other trading partners complain that cheap Chinese products are hurting foreign competitors and threatening jobs. US Treasury Secretary Jacob Lew said the US will foster financial stability and narrow its budget deficit. China pledged to continue market-oriented exchange rate reform, allowing for two-way flexibility as well as refraining from competitive devaluation and not targeting exchange rates for competitive purposes. Both countries agreed to boost the reform of the International Monetary Fund (IMF) to raise quotas for dynamic emerging markets.