U.S. Treasury Secretary Janet Yellen shakes hands with China’s Vice Premier He Lifeng before a supper in the southern Chinese city of Guangzhou, on April 5,2024
Pedro Pardo|Afp|Getty Images
U.S. Treasury Secretary Janet Yellen talk about China’s excess production capability look for to rework “China threat” rhetoric and appear to produce a pretext for more protectionist policies from the U.S., Chinese state media stated.
Such remarks look for to weaken China’s domestic development and global cooperation, and Washington must concentrate on cultivating development and competitiveness within its own borders rather of turning to fear-mongering, state news company Xinhua stated in an editorial late on Friday.
Yellen informed U.S. businesspeople in China’s southern export center of Guangzhou on Friday that issues are growing over the worldwide financial fallout from China’s excess production capability, making the problem the focus of her 4 days of conferences with Chinese authorities.
Citing China’s overproduction of electrical lorries, photovoltaic panels, semiconductors and other products that are flooding into worldwide markets in the face of a need depression in China’s domestic market, Yellen stated this was not healthy for China and was harming manufacturers in other nations.
“Talking up ‘Chinese overcapacity’ in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies,” Xinhua stated.
“After all, it is now known by the world that Washington will not hesitate to show its protectionist teeth under the guise of national security in areas where its supremacy is challenged.”
Yellen consulted with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after getting here in China late on Thursday.
She is to take a trip on Saturday to Beijing, where she will fulfill authorities consisting of Premier Li Qiang and People’s Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.
