The U.S. Treasury Secretary also said the two sides had ‘difficult conversations’ about national security, including American concerns that Chinese companies are supporting Russia in its war in Ukraine
The Biden administration will push China to change an industrial policy that poses a threat to U.S. jobs, Treasury Secretary Janet Yellen said Monday after wrapping up four days of talks with Chinese officials.
“China is now simply too large for the rest of the world to absorb this enormous capacity. Actions taken by the PRC today can shift world prices,” she said, using the acronym for China’s official name, the People’s Republic of China. “And when the global market is flooded by artificially cheap Chinese products, the viability of American and other foreign firms is put into question.”
It’s unclear how China will respond to such calls. European officials have repeatedly raised the issue on visits to China with no sign of any change on the Chinese side. Moreover, one of leader Xi Jinping’s major goals is to build the nation into a major power so it doesn’t feel compelled to bend to outside pressure.
Advocating for higher consumer spending in China in response to its large government subsidies to solar, EV and lithium-ion battery industries, Yellen said: “If consumer spending were higher as a share of GDP, there would be less need to have such large investment going into building supply” of green energy products.
“I stressed that companies, including those in the PRC, must not provide material support for Russia’s war and that they will face significant consequences if they do,” she said.
Yellen United States China Russia Policy World Beijing PRC People 'S Republic Of China U.S. Federal Reserve
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yellen to Visit Senior Leaders in China in April, Politico SaysTreasury Secretary Janet Yellen will visit China in April to meet with the country’s senior leaders, Politico reported, citing US government officials with knowledge of the trip.
Read more »
Yellen Threatens Sanctions for China Banks That Aid Russia’s WarUS Treasury Secretary Janet Yellen wrapped up four days of talks in China with a warning to the country’s banks and exporters: If you help bolster Russia’s military capacity, Washington will come after you.
Read more »
Yellen meets with China's central bank chief, presses case on excess capacityExplore stories from Atlantic Canada.
Read more »
Yellen Charm Offensive Aims to Boost China Ties and Curb Exports(Bloomberg) -- US Treasury Secretary Janet Yellen will meet China’s central bank chief and former economic czar in Beijing as she wraps a trip that’s been a ...
Read more »
Yellen Advances US-China Ties Despite Tough Criticism on ExportsAfter a long day of berating the Chinese government about overcapacity in their economy, US Treasury Secretary Janet Yellen joined China’s Vice Premier He Lifeng for a boat cruise on the Pearl River on Friday evening in the southern megacity of Guangzhou.
Read more »
US, China Have Stabilized Relations Over Past Year, Yellen SaysUS and China have put their bilateral relationship on a “more stable footing” over the past year, which has not meant ignoring differences or avoiding tough conversations, US Treasury Secretary Janet Yellen told Chinese Premier Li Qiang on Sunday.
Read more »