(Washington Composite Electric) U.S. Treasury Minister Yellen on Thursday (April 4) opened a six -day China visit.Yellen's focus is on the issue of excess capacity to China.However, Bloomberg reported on the issue of production capacity issues that the United States must be targeted when China demands that China resolves excess capacity.
The U.S. Treasury Department said that Yellen stayed in Guangzhou for two days on Friday. He met with the governor of Guangdong Province Wang Weizhong and delivered a speech at the event hosted by the American Chamber of Commerce in China, and then went to Beijing for two days to talk.She will talk with Chinese Deputy Prime Minister He Lifeng and Liu He, former vice Premier Liu He, who steps down.In addition, Yellen will meet with the Chinese Minister of Finance, Blue Foan and the President of the People's Bank of China Pan Gongsheng.
Yellen's trip was only eight months before she visited China as a finance minister.The US Treasury Department said Yellen will ask China to correct unfair trade behaviors and seek a healthy economic relationship with China.
After Yellen's visit to China in July 2023, the Sino -US dialogue restarted, and the relevant departments of both parties set up two working groups to discuss economic and financial issues.
The U.S. Treasury Department said that this time, in order to speak for American workers and companies, Yellen will "put pressure on Chinese officers for unfair trade, and emphasize the consequences of China's industrial capacity overcapacity to the global economy."
Other important issues include the joint efforts of the poor country's debt restructuring, cracking down on money laundering and maintaining financial stability.People familiar with the matter said that the US delegation may propose a problem of funds behind the Fantni transaction.The Ministry of Finance said that the delegation also hopes to listen to the Chinese side about how to achieve a growth goal of about 5 %.
China's official warning Biden: Trade and technology development against China is "manufacturing risks"
The Ministry of Finance issued Yellen's visit to China on the occasion of the US President Biden Biden and the Chinese official on Tuesday (2nd).Biden and Chinese officials have been talking for the first time since meeting in California last November.
Xinhua News Agency reported that China officially warned Biden that the United States' trade and technological development against China was "manufacturing risks."
China and the United States re -contact, but the deep differences still exist.Yellen also attacked Beijing's use of subsidies to create a competitive advantage one week before the visit. He also said that "the excess capacity of China has distorted the global price and production model."
Bloomberg reports that Washington and Brussels have a consensus that China is encountering a sharp increase in excess production capacity, which may completely destroy the relevant industries of other countries.However, data shows that although China does have universal industrial capacity, it is mostly promoted by industries that Western countries do not compete with China, such as low -tech products, as well as products such as concrete and furniture related to the downturn in the Chinese real estate market.
As far as electric vehicles are concerned, the problems facing developed economies seem to be more efficient in Chinese enterprises, not overcapacity.
