The U.S. government has stated that Treasury Secretary Janet L. Yellen raised concerns with her Chinese counterpart regarding China’s increasing exports of affordable electric vehicles and other green energy products, citing them as a threat to American jobs. Yellen urged Beijing to scale back its industrial strategy during talks in Guangzhou.
Yellen also cautioned Vice Premier He Lifeng about potential repercussions for Chinese companies if they support Russia’s actions in Ukraine. The discussions aimed to address trade and geopolitical tensions between the two countries after a strained relationship last year.
Both nations agreed to future talks on combating international money laundering and promoting balanced growth to address concerns about China’s export surplus distorting global markets.
Yellen’s visit to China highlighted the issue of heavily subsidized green technology exports, particularly electric vehicles, batteries, and solar panels. The Biden administration is concerned about the impact on American industries.
Following discussions with Chinese officials, Yellen met with American and European business leaders to understand their challenges in China. Despite a warm welcome in Guangzhou, China defended its economic strategy as beneficial globally.
The Chinese Embassy argued that Chinese exports serve as a public good and are essential for global economic development. Both sides expressed frustrations with each other’s economic strategies during the talks.
Yellen acknowledged the complexity of the issues and emphasized the need for ongoing cooperation. Discussions also touched on China’s stance on Russia’s actions in Ukraine and concerns about Chinese companies supporting Moscow militarily.
Yellen expressed optimism about potential collaboration on these issues and continued her trip to Beijing for further meetings with Chinese officials.
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