Yellen calls China conferences “productive”, seeks stage taking part in discipline

US Treasury Secretary Janet Yellen stated she had “productive conversations” with Chinese Vice Premier He Lifeng in regards to the bilateral financial relationship after two days of conferences in Guangzhou, China’s southern export hub.

“The US seeks to create a level playing field for American workers and firms, as well as deeper cooperation on illicit finance, climate change and other priorities,” Yellen stated in a put up on X, previously Twitter.

Her put up didn’t immediately point out her high precedence for her four-day go to to China: making an attempt to steer Chinese officers to rein in extra manufacturing capability for electrical autos, photo voltaic panels, and different clear vitality know-how that’s threatening competing corporations within the US and different international locations.

Chinese state media pushed again on her extra capability arguments, calling them a “pretext” for protectionist US insurance policies.

Such feedback undermine China’s home progress and worldwide cooperation. State news company Xinhua stated in an editorial late Friday that Washington ought to concentrate on fostering innovation and competitiveness inside its personal borders as a substitute of resorting to “fear-mongering.”

Yellen, He Lifeng, and their groups held over 4 and a half hours of conferences on Saturday on a variety of financial matters. The greatest precedence for the Treasury chief was US considerations about China’s rising exports of electrical autos, photo voltaic panels, and different items.

Yellen is anticipated to talk with reporters in a while Saturday.

Yellen informed US businesspeople in China’s southern export hub of Guangzhou on Friday that considerations are rising over the worldwide financial fallout from China’s extra manufacturing capability, making the problem the main focus of her 4 days of conferences with Chinese officers.

Citing China’s overproduction of electrical autos, photo voltaic panels, semiconductors and different items flooding into international markets within the face of a requirement droop in China’s home market, Yellen stated this was not wholesome for China and was hurting producers in different international locations.

“Talking up ‘Chinese overcapacity’ in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield US 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 met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday.

She is to journey in a while Saturday to Beijing, the place she is going to meet officers, together with Premier Li Qiang, Finance Minister Lan Foan and People’s Bank of China Governor Pan Gongsheng by Monday, based on a Treasury press advisory.