- विज्ञापन -
Beijing: US Treasury Secretary Janet Yellen, who is on five-day visit to China, has urged Chinese officials to address its industrial overcapacity, reform its trade practices and create a “healthy economic relationship” with the United States, VOA News reported.
Yellen, who is on a five-day visit to China, has raised concern with Chinese officials regarding state subsidies that fuel manufacturing overcapacity in industries like electric vehicles, solar panels and semiconductors.
In her remarks in China’s Guangzhou, Yellen said, “The United States seeks a healthy economic relationship with China that benefits both sides.” She added, “But a healthy relationship must provide a level playing field for firms and workers in both countries.”
She also held a meeting with Chinese Vice Premier He Lifeng and other high-level central bank officials on Friday. During the meeting, Yellen told Chinese officials that their industrial overcapacity, especially in green energy sectors, threatens American production of electric vehicles and solar panel parts, VOA News reported.
China has backed its solar panel and EV makers through subsidies, building production capacity far beyond the domestic market’s demand and exporting its products across the world. The production has cheapened prices for these green products. The US and European governments have expressed worry that Chinese products will flood the market and put their own domestic production at risk.
