US Treasury Secretary Janet Yellen Set to Discuss Economic Concerns with China
US Treasury Secretary Janet Yellen has announced upcoming talks with China to address American concerns about Beijing’s economic model and trade practices. The discussions will focus on creating more balanced economic growth and combating money laundering, with a particular emphasis on addressing issues in the manufacturing sector.
Yellen expressed concern about China’s industrial strategy and its potential impact on American companies and workers, highlighting production overcapacity as a key issue. The talks will also cover financial stability, sustainable finance, and cooperation in countering money laundering, according to China’s official Xinhua News Agency.
The US is considering responses including tariffs to China’s manufacturing practices, with Yellen mentioning joint efforts to address concerns about Chinese companies selling goods to Russia following the invasion of Ukraine. State media coverage of Yellen’s trip characterized US concerns about overcapacity as a possible pretext for tariffs.
Efforts to boost the semiconductor industry and scientific research in the US, such as the $280 billion CHIPS and Science Act and executive orders to regulate investments in China, are seen as essential for national security. Yellen will continue meetings in Beijing with senior officials and economists to further discuss these issues and maintain a positive bilateral relationship to avoid conflict.
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