China's Dominance

Yellen to Address China's Excess Industrial Capacity on Upcoming Visit

Main image to the post Yellen to Address China's Excess Industrial Capacity on Upcoming Visit

U.S. Treasury Secretary Janet Yellen will embark on a second in-person visit to China from April 3-9, 2023. Her trip will focus on continuing economic dialogue with top Chinese officials, particularly regarding the growing concern over China's excess industrial capacity.

Yellen's itinerary includes a stop in Guangzhou, a major factory hub, where she will meet with Chinese Vice-Premier He Lifeng, Guangdong Province Governor Wang Weizhong, and executives of U.S. companies operating in China. These discussions will center on the challenges faced by U.S. businesses in China, prompting them to limit their investments.

The Biden administration has emphasized the need for China to create a fair and level playing field for U.S. workers and companies. Yellen will convey this message during her meetings, highlighting the global economic consequences of China's industrial overcapacity.

Yellen's previous visit to Beijing in July 2023 led to the establishment of economic and financial working groups between the U.S. and China. These groups have focused on key economic issues, such as China's property market troubles and the failures of U.S. regional banks.

The increased U.S. emphasis on Chinese excess capacity reflects concerns about China's growing exports amidst weak domestic demand. Yellen has expressed concerns that Chinese government support has led to overinvestment in industries such as steel, aluminum, and solar, resulting in cheap exports that have negatively impacted manufacturing in other countries.

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May 21, 2023 | 05:09