“Although we still have work to do, I believe we have put our bilateral relations on a more stable footing in the past year,” said the US minister, who also supported reducing Chinese factory overcapacity.
On Friday and Saturday, Yellen also met with Chinese Vice Premier Hu Lifeng in Guangzhou, where the two sides agreed to start a dialogue on balanced economic growth and launch a forum on cooperation in anti-money laundering efforts in the financial sectors of the two countries. Systems.
The discussions would facilitate discussion of macroeconomic imbalances, including their relationship to excess capacity. I intend to seize the opportunity to advocate for equal opportunities for American workers and businesses
Yellen said in a statement issued after the talks ended.
Ahead of the visit, Yellen said she is trying to persuade Chinese officials to limit excess production capacity in electric cars, solar panels and other clean energy technologies, because she believes this excess capacity threatens competing companies in the United States and other countries.
Recently, several US lawmakers have asked the Biden administration to raise tariffs and taxes on Chinese electric vehicles to protect US manufacturers.
Beijing also expressed its deep concern about the economic and trade restrictions imposed by the American side against China, and responded during the negotiations to concerns about production capacity, according to a statement by the official Chinese news agency Xinhua, in which Yellen indicated that “concern about Chinese surplus capacity is just an excuse for protectionist policies.” To protect American companies.
They added that cracking down on China's electricity-related industries would not help the United States develop its own industries, and expressed hope that more progress would be made during Yellen's visit to break down barriers to cooperation.
Cover image credit: Ken Ishii – Pool/Getty Images
