Seeing Liu Hes ＂excess＂ of the three industries ＂excess＂ threatened the United

image source, getty image

Within the US government, Yellen supports the abolition of tariffs on China to resist inflation and boost the economy.

U.S. Treasury Minister Yellen arrived in Guangzhou, China on the afternoon of April 4th, opened a six -day visit to China, and nine months before her last visit to China, the people who met were roughly similar-

It is worth mentioning that Yellen once again met with Liu He after retirement.According to media reports, Liu He still participated in the internal meeting of the Chinese government's economic affairs after unloading all his positions and had a high influence.China will cooperate with the United States in some areas, and other areas have to fight back, and Liu He's knowledge reserves and experience are extremely valuable for Beijing.

He Lifeng, the deputy prime minister of the main talks with Yelun, entered the ranks of members of the Politburo on the "20th National Congress" of the Communist Party of China. At the age of 68, he became the Deputy Director of the National Development Commission of China in 2014.Sales to the director.

What are you talking about

Nine months ago, Yellen's visit to China mainly conveyed information against China and the United States' "decoupling", established and deepened the connection with China's new economic team, and reduced the risk of misunderstanding.

Nine months later, the information of Yellen's visit to China is even more focused- "The United States will not accept a large number of Chinese low -cost imported products subsidized by emerging industries like the American steel sector 10 years ago."

At a press conference on Monday (April 8), she said that the focus of this trip is to communicate with the Chinese governmentPossession of producers in the United States and other countries constitutes a threat.

She also explains the logic behind it. It has strong support for industries such as new energy vehicles, and its production capacity has risen significantly, and China's domestic demand is weak.The survival of enterprises will be in trouble, just like more than ten years ago, Chinese steel swept the global market.Moreover, "China's economy is too large today, and the actions adopted by Chinese subjects can change international prices and may make the survival of the United States and other countries a problem."

Yellen further emphasized that "concerns about overcapacity are not for anti -China mood or desire", on the contrary, it is due to the desire to prevent global economic disorders and establish a healthy economic relationship with China.At the same time, Yellen did not threaten new tariffs on the "excess capacity" industry.

image source, getty image

Yellen has had three face -to -face talks with He Lifeng.

In addition, when visiting China twice, Yelun Du warned Chinese companies to avoid providing material assistance or assistance to Russia, otherwise it would face US sanctions.

On the day of Yellen's press conference, Russian Foreign Minister Ravorf arrived in Beijing and started a two -day visit to China.Chinese Foreign Minister Wang Yi held talks with Long Rafrov.

China response

Yellen set up the issue of "overcapacity" in China before visiting China.

Liao Yan, deputy minister of the Ministry of Finance in China, also held a media meeting, saying that China attaches great importance to capacity issues and responds to this at all levels with Yelun Finance Ministers.Specifically, he gave three responses:

At the same time, Wang Wentao, the Minister of Commerce of the Ministry of Commerce of the Chinese Ministry of Commerce in Paris, hosted in Paris, "shouted across the air", and the United States and Europe have no basis for the accusations of "overcapacity".Chinese electric vehicle companies rely on continuous technological innovation, perfect production chain system and full market competition rapidly, not relying on subsidies to achieve competitive advantages.

In fact, in 2009, the Chinese government decided to support the industry and started providing car purchase subsidies from 2010, until December 31, 2022 ended.According to Chinese media, the government subsidized about 150 billion yuan to the new energy vehicle industry.

Yellen visits Guozijian in Beijing.

"Excess" or is it insufficient?

For industries such as Yellen, whether it is "excess", there are controversy. In an interview with the US ambassador to the United States, the Chinese ambassador to the United States said that he questioned the excess of Chinese production "a pseudo -proposition" and saidFrom a global perspective, high -quality production capacity is not excess, but it is serious.

Liao Yan quoted the calculation data of the International Energy Agency at the media meeting that the capacity of the production capacity is not excess but insufficient -global new energy vehicle demand in 2030 will reach 45 million, which is 4.5 times in 2022;The demand for the installation machine will reach 820 Gava, which is about 4 times in 2022.

At the same time, in the Spring Festival of 2024, the sales volume of major new energy vehicle companies in China dropped sharply, and 668,000 units were sold in January, down nearly 40 % from the previous month. Some well -known big brands, including BYD, Weilai Automobile, Xiaopeng AutomobileThe decline of more than 40%from the previous month.

The National Information Joint Meeting of the National Passenger Vehicle Market Information believes that before the Spring Festival, it was originally the golden period for the first purchase group to buy a car.Previous consumption willingness is not particularly strong.

Furthermore, this is not only a problem of an industry. Several industries mentioned by Yellen are highly hoped by the Chinese government to improve economic quality.

Li Xiujun, Vice President Moody's Vice President and Director of Senior Credit Rating, said that China is stepping up to pay attention to new growth momentum, including electric vehicles, technology and clean energy, because China is facing the decline in long -term growth potential, aging population and productivity growth slowdown, etc.Structural disorder.And "China's previous growth momentum, such as real estate and infrastructure, has reached the peak of benefits and promoted excessive accumulation of public and private physical debt."

Yellen also said, "This is a complicated issue, which involves the overall macroeconomic and industrial strategy of China, so it is not possible to solve it in the afternoon and one month." She emphasized that the talks with He Lifeng will provide a structure with the structure.The way of transformation allows China and the United States to continue to listen to the opinions of both parties and see if they can find a way to avoid conflict.