US’ Yellen Tells China That Its Industrial Subsidies Poses Risks To Global Economy
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US Treasury Secretary Janet Yellen warned China that its subsidies for industry could pose a risk to global economic resilience. Yellen expressed concerns about China’s "overcapacity" undercutting American and other countries’ companies. She mentioned that direct and indirect government support is leading to production capacity that exceeds China’s domestic demand and the global market. Yellen also highlighted the challenges faced by US businesses operating in China, including barriers to access for foreign firms and coercive actions against American companies. She emphasized the need for a level playing field for American workers and firms. Yellen met with Vice Premier He Lifeng to discuss important issues in China-US economic relations. The two sides began closed-door talks to address economic situations, national security, and alleged support for Russia’s defense industrial base. Yellen plans to meet Chinese Premier Li Qiang, central bank governor Pan Gongsheng, and Finance Minister Lan Fo’an during her trip. US-China relations have stabilized somewhat since Biden and Xi Jinping's meeting in November 2023, and Yellen's visit in July 2023 helped restart dialogue.

#UschinaTrade #JanetYellen #ChinaSubsidies #GlobalEconomy

https://www.news18.com/world/us-yellen-tells-china-that-its-industrial-subsidies-poses-risks-to-global-economy-8840857.html