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US Treasury Secretary Janet Yellen discussed concerns about China’s industrial overcapacity with Chinese Premier Li Qiang on Sunday, emphasizing the importance of “tough” conversations in maintaining stable bilateral relations.
During their 80-minute meeting in Beijing, Li stressed the need for mutual respect and partnership between the two countries, acknowledging the constructive progress made during Yellen’s visit.
Yellen underscored the duty of both nations to responsibly manage their complex relationship, emphasizing the importance of direct and open communication despite existing differences.
Yellen’s visit focused on addressing China’s excess production of electric vehicles (EVs), solar panels, and other clean energy goods, which she believes could negatively impact US producers and jobs.
The meeting delved into discussions about China’s industrial capacity and government support, with Li showing willingness to further explore the issue with US economic teams.
Li urged the US to refrain from politicizing economic and trade matters and adopt a market-oriented and global perspective on production capacity.
Following her meeting with Li, Yellen engaged with Beijing mayor Yin Yong and participated in events at Peking University, where she received a warm reception.
Yellen’s visit marks a continuation of efforts to normalize economic relations between the US and China, with recent direct talks between Presidents Biden and Xi signaling a potential easing of tensions.
A dialogue on “balanced growth” was initiated during Yellen’s visit, with a focus on advocating for fair competition to protect US workers and businesses.
China’s rapid growth in industries such as electric vehicles has led to concerns about excess manufacturing capacity, despite continued investment in cutting-edge technologies.
Overall, Yellen’s visit underscores ongoing efforts to navigate the complex economic relationship between the US and China amid evolving global dynamics.
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