Home » The US reveals the inside story of Yellen’s talks with Li Qiang during her visit to China | Overcapacity | Discussion | CCP propaganda

The US reveals the inside story of Yellen’s talks with Li Qiang during her visit to China | Overcapacity | Discussion | CCP propaganda

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The US reveals the inside story of Yellen’s talks with Li Qiang during her visit to China | Overcapacity | Discussion | CCP propaganda

U.S. Treasury Secretary Yellen and Chinese Vice Premier He Lifeng Discuss Overcapacity Issues during Meeting in Guangzhou

U.S. Treasury Secretary Janet Yellen’s visit to China on April 6, 2024, brought her to the Zhudao Hotel in Guangzhou, where she met with Chinese Vice Premier He Lifeng to address the overcapacity problems in China’s electric vehicles, solar panels, and other clean energy products.

During the meeting, Yellen and He Lifeng discussed the serious threat that China’s overcapacity poses to manufacturers in the United States and other countries. The U.S. Deputy Treasury Secretary who accompanied Yellen to China, Jay Shambaugh, shared insights into their talks with Chinese Premier Li Qiang on the issue of overcapacity.

Shambaugh, a former international economist at George Washington University, highlighted the importance of addressing macroeconomic imbalances, high savings rates, and China’s rapid growth in global manufacturing. He emphasized the need for in-depth discussions and substantive dialogue between the United States and China on addressing overcapacity issues.

While the United States raised concerns about China’s overcapacity during the talks, Shambaugh noted that Li Qiang was willing to engage in discussions and offered insights into the challenges facing the Chinese economy. However, the Chinese Communist Party’s external propaganda has refuted the U.S.’s views on overcapacity, with officials dismissing accusations of overcapacity in the electric vehicle industry.

Despite the CCP’s stance in external propaganda, Shambaugh revealed that China has acknowledged the issue of overcapacity in certain industries in previous reports. He stressed the importance of proactive measures to prevent overcapacity from impacting global markets and emphasized the need for cooperation between the U.S. and China in addressing economic challenges.

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Yellen’s visit to China and discussions on overcapacity underscore the complexities of economic relations between the two countries. As both nations navigate the evolving landscape of global trade and manufacturing, finding common ground on issues like overcapacity will be crucial for fostering sustainable economic growth and stability.

The outcome of Yellen’s visit and the ongoing dialogue between U.S. and Chinese officials will shape future collaborations and efforts to address overcapacity issues in key industries, ensuring a level playing field for manufacturers and promoting fair trade practices on a global scale.

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