US Treasury Secretary Janet Yellen and Chinese Vice-Premier He Lifeng have agreed to launch exchanges on balanced economic growth, addressing US concerns about China's excess manufacturing capacity. They have also agreed to cooperate on anti-money laundering efforts in their respective financial systems.
US Treasury Secretary Janet Yellen meeting China 's Vice-Premier He Lifeng at the Guangdong Zhudao Guest House, in Guangzhou on April 6.
The exchanges “will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity, and I intend to use the opportunity to advocate a level playing field for American workers and firms”, Dr Yellen said in a statement released at the conclusion of the talks.
“I think the Chinese realise how concerned we are about the implications of their industrial strategy, for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete,” Dr Yellen said. “And then other countries have the same concern.” She added that Chinese officials were “more confident” about the economy after putting in place policies to address issues in the property sector and on local government debt.
Dr Yellen also warned that Chinese companies faced “significant consequences” if they provided material support to Russia’s war effort. Some trade experts see increased US criticism of China’s production-focused, subsidy- and debt-driven economic model as a step towards raising US tariffs on Chinese EVs and clean energy goods.
US Treasury Secretary Janet Yellen Chinese Vice-Premier He Lifeng Exchanges Balanced Economic Growth US Concerns China Manufacturing Capacity Anti-Money Laundering Financial Systems
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