Janet Yellen
US Treasury Secretary Janet Yellen’s comments on China’s excess manufacturing capacity appear to retreat the China threat rhetoric and provide a justification for further protectionist policies from the United States.
Yellen told US businesses in China’s southern export hub of Guangzhou on Friday that concerns are mounting about the global economic consequences the China’s excess manufacturing capacity, making the issue the focus of her four days of meetings with Chinese authorities.
Citing China’s overproduction of electric vehicles, solar panels, semiconductors, and other items that are flooding into global markets in the face of a local demand decline, Yellen stated this was not good for China and was harming producers in other nations.
Following his arrival in China late Thursday, Yellen spoke with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou.
According to a Treasury press advisory, she will travel to Beijing on Saturday and meet officials including Premier Li Qiang and People’s Bank of China Governor Pan Gongsheng till Monday.
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