US Treasury Secretary Janet Yellen recently concluded her second trip to China, during which she addressed several key issues, including concerns about Chinese overproduction and warnings against support for Russia. She even sparked discussion on Chinese social media about her travel style and chopstick skills.
During her four-day visit, Yellen held extensive meetings with Chinese leaders, local officials, academics, students, and American executives in Guangzhou and Beijing.
Janet Yellen (Credits: Moneycontrol)
This trip, her second to China in nine months as treasury chief, aimed to tackle escalating trade disputes between the US and China, following a summit between President Joe Biden and Chinese leader Xi Jinping in November.
Despite the generally positive tone in Chinese state media coverage, Yellen delivered a stern message to Beijing. She raised concerns about China’s increasing exports of state-subsidized electronic vehicles (EVs), solar panels, and batteries, highlighting their threat to American jobs and businesses. Yellen emphasized the need to address these issues and curb such practices.
Treasury Secretary Janet Yellen (Credits: www.asahi.com)
During a news conference, Yellen expressed her worries to senior Chinese officials about the negative impact of certain aspects of China’s economy on the US and the global economy.
Specifically, she pointed out China’s macroeconomic imbalances, including weak household consumption and excessive business investment supported by government subsidies in certain sectors. Yellen highlighted the risks these imbalances pose to workers and businesses in the US and worldwide.
