Wed. Jul 24th, 2024

World market: Washington “will not accept” the flow of loss-making Chinese products.

By triji Apr 9, 2024
News

Janet Yellen, the Secretary of the Treasury of the United States of America, stated on Monday, April 8, while she was traveling to China.

that her country “will not accept” the flood of Chinese products that are sold at a loss on the global market, this is something that has previously occurred in the past.

Janet Yellen, the Secretary of the United States Treasury, stated on Monday, April 8, while she was traveling to China that the United States government “will not accept” the flood of Chinese products that are sold at a loss on the global market, exactly as it has occurred in the past.

Janet Yellen made the following statement to the press: “I don’t I won’t accept this reality again.” She cited the example of steel, which was introduced by China more than ten years ago and “decimated industries across the world and in the United States.”

Additionally, she stated, “I am aware that these significant worries are shared by our allies and partners, which include both developed economies and developing economies.”

For their part, the United States of America will not take “surprise” economic measures in terms of national security, assuaged by Janet Yellen, who brought up the topic with Chinese officials.

“While the United States must continually evaluate its national security measures, given the rapid pace of technological developments, we are committed not to take surprise measures,” she said, also calling on China to “transparency” in this area. “We are committed to not taking surprise measures,” she said.

The “overcapacity” of production capacity in China was the driving force behind Janet Yellen’s decision. On Thursday, the minister of finance arrived in Canton, and its departure from Beijing is scheduled to take place on Tuesday morning.

The United States of America is concerned that the large subsidies that the Chinese government is providing in the areas of technology, green energy, electric vehicles, and even batteries may result in a flood of low-cost products all over the world, which would put foreign rivals in these industries in jeopardy.

On Sunday, Chinese Prime Minister Li Qiang met with Janet Yellen, and both of them expressed their intention to strengthen discussion, despite the fact that there are significant differences between the two biggest economic powers in the world.

Beijing has, up to this point, ignored concerns over the substantial backing it provides for its national businesses. The claims of “overcapacity” by the United States and Europe are false, according to the statement made by Trade Minister Wang Wentao on Sunday while he was flying to Paris, as reported by the state agency Xinhua.

He promised that the rapid expansion of Chinese electric car manufacturers is not due to subsidies from the Chinese government but rather to innovation and supply chains in the production of electric vehicles.

As she finished up high-level meetings in China on Monday, United States Treasury Secretary Janet Yellen stated that the United States “will not accept” a situation in which underpriced Chinese goods flood the global market, causing damage to companies in other countries.

During her four days of meetings with officials and business executives in Beijing and Guangzhou, China’s capital city, that took place in the southern city of Guangzhou, Yellen has repeatedly warned about the risks that are associated with China’s excess industrial capacity.

Washington is concerned that the assistance of the Chinese government is leading to an increase in production capacity that exceeds what global markets are able to absorb. This has led to an increase in the number of low-cost exports in industries such as solar and electric cars, which in turn has stifled the expansion of these industries in other parts of the world.

On Monday, Yellen stated that substantial support from the Chinese government more than a decade ago had resulted in the flood of steel at prices lower than the market price, which “decimated industries across the world and in the United States.”

During a press conference held at the residence of the United States ambassador, she stated, “I have made it abundantly clear that President Biden and I will not accept that reality again.” She went on to say that her worries were shared by the United States’ allies and partners.

At the same time that she emphasized that the United States would not “seek to decouple” from China, she stated that a change in Chinese policy would be “necessary and appropriate.” However, she did not commit to particular actions that the United States may take in the event that such change occurred.

Following eleven hours of discussions with her counterpart Vice Premier He Lifeng, she also brought up the problem with Premier Li Qiang. These are the kinds of actions that Washington hopes will elevate the concerns to the highest echelons of Chinese policymaking.

Yellen expressed her particular concern on China’s imbalances, which she saw as being “exacerbated by large-scale government support in specific industrial sectors.” She was particularly concerned about China’s low household spending and excessive business investment.

However, Beijing has responded by stating that concerns about overcapacity are “groundless,” as reported by official media. This comes after China’s Commerce Minister Wang Wentao made this statement this week.

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By triji

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