GUANGZHOU, China (AP) — The U.S. and China agreed to hold talks that will address a key American complaint about China's economic model, Treasury Secretary Janet Yellen said on the second day of an official visit to China.
GUANGZHOU, China — The U.S. and China agreed to hold talks that will address a key American complaint about China's economic model, Treasury Secretary Janet Yellen said on the second day of an official visit to China.
In her statement, Yellen said she and her counterparts “agreed that the U.S. and China will hold intensive exchanges on balanced growth in the domestic and global economies. These exchanges will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity, and I intend to use this opportunity to advocate for a level playing field for American workers and firms.
Earlier state media coverage of her trip had dismissed U.S. concerns about overcapacity as a pretext for tariffs. The official Xinhua News Agency wrote Friday night that while Yellen’s trip is “a good sign” that the world’s two largest economies are maintaining communication, “talking up ‘Chinese overcapacity’ in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies.
The massive scale of production has driven down costs and ignited price wars for green technologies, a boon for consumers and efforts to reduce global dependence on fossil fuels. But Western governments fear that that capacity will flood their markets with low-priced exports, threatening American and European jobs.
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