During her visit to China, Janet Yellen, the Secretary of the Treasury of the United States, called for equal conditions for American companies in key industrial sectors. She emphasized the importance of a healthy economic relationship with China that benefits both sides, providing a level playing field for businesses and workers in both countries.
Yellen highlighted global challenges such as climate change and debt overhang in emerging markets and raised concerns about Chinese government subsidies and supportive policies that have led to an increase in production capacity in sectors like solar panels and electric vehicles, exceeding domestic market demand and driving down costs. This has resulted in price wars in green technologies, impacting companies internationally, including in India and Mexico.
During a meeting with Chinese Vice Premier He Lifeng, Yellen reiterated the need to address global challenges and strengthen economic and commercial ties between the two countries. The meeting aimed to discuss ways to address overproduction and promote fair competition in key industries. Yellen is scheduled to hold additional meetings with other Chinese officials to further discussions on economic cooperation and mutual concerns.
Overall, Yellen’s visit to China underscores the importance of addressing overproduction and ensuring fair competition in key industries to promote a healthy economic relationship between the United States and China. By working together to tackle global challenges and communicate closely on shared concerns, the two largest economies can navigate through turbulent economic waters and create mutually beneficial outcomes.
