US Treasury Secretary Janet Yellen acknowledges improved US-China relations but raises concerns over China's industrial overcapacity, particularly in clean technology.
United States Treasury Secretary Janet Yellen said that US-China ties are now on a firmer footing than a year earlier in 2023.
Beijing’s manufacturing prowess in such technology, including electric vehicles and solar panels, has caused increasing concern in Washington. The US has argued that a flood of cheap Chinese exports would hurt producers in other countries, including America itself. “China is now simply too large for the rest of the world to absorb this enormous capacity,” she said of China’s EV, lithium-ion battery and solar panel industries, which have been touted as the “New Three” growth drivers in Chinese media for their strong export performance.
Professor of Political Science and International Relations Zhu Zhiqun said that Dr Yellen is unlikely to succeed in her mission, which appears to be asking for China’s cooperation in minimising the negative impact of its industrial overcapacity on the US. He believes Dr Yellen has substantiated her argument on the risks of such global economic imbalances, although he does not think Chinese government officials share her analysis, judging by their public statements.
US-China Janet Yellen China Industrial Overcapacity Clean Technology Electric Vehicles Solar Panels
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