Yellen's first meeting was during her visit to China, warning Beijing against supporting its industrial sector to the point of excess capacity. Causing disruption in foreign markets, including the United States, distorting the global economy
Yellen's first meeting was during her visit to China, warning Beijing against supporting its industrial sector to the point of excess capacity. Causing disruption in foreign markets, including the United States, distorting the global economy
Bloomberg News reported today (April 5). Janet Yellen US Treasury Secretary warnsXi Jinping They provide financial support to the country's major industries until their production capacity reaches their excess capacity (excess capacity) and distort the overall trade market of each country and the global economy.
Yellen said during her meeting with Guangdong Governor Wang Weizhong that throughout the four-day trip, she will highlight mutual benefits. “Good economic relations” He also called for “Fair playing field for American workers and companies” He said that public communications (open communications) are important in negotiating matters on which the two superpowers disagree.
Janet Yellen, US Treasury Secretary and former Federal Reserve Chairman
It's all about the problem of excess capacity in China's industrial sector. The United States and other countries are concerned that this could cause a flood of Chinese products around the world.
Bloomberg's analysis reveals that relations between the world's two largest economies have shown signs of improvement since the president's departure.Joe Biden AndXi Jinping I met in person last November. The two leaders communicated again by phone on Tuesday, April 2, although differences of opinion remained. This problem has been exacerbated by China's efforts to increase investment in manufacturing to deal with an economy devastated by turmoil in the real estate sector.
This is a week before the trip, Yellen condemns the use “financial support” From the Chinese government to push the country's key industries to gain a competitive advantage on the global stage. He said that the Chinese government's excessive investment, which led to increased production capacity, also contributed to this.Distortion of the global economy On the other hand, the Chinese side filed a lawsuit against the United States at the forum.WTO The issue of discrimination against electric cars in China
Yellen is also scheduled to speak at an American Chamber of Commerce event in Guangzhou today. Then the meeting will start withHe is living Deputy Prime Minister and both will hold bilateral meetings with Chinese officials. Followed by dinner and an evening cruisePearl River
The two are scheduled to meet and work together again on Saturday afternoon before Yellen travels to the Chinese capital, Beijing.
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