US Treasury Secretary Raises Concerns About China’s Clean Energy Investments
Yellen Highlights Unfair Competition in Clean Energy Manufacturing
US Treasury Secretary Janet Yellen expressed concerns about China’s significant investments in advanced manufacturing of clean energy products, stating that it creates an unfair playing field that puts American workers and businesses at risk.
Oversupply of Clean Energy Goods Poses Risks
Yellen warned that the overproduction of electric vehicles, batteries, solar panels, and other clean energy goods by China could potentially drive companies in the US and other countries out of business. She emphasized the need to address this issue to ensure fair competition.
Dialogue with Chinese Officials Shows Progress
During her recent visit to China, Yellen engaged in discussions with Chinese officials on various issues, including combating money laundering and addressing climate change. She highlighted the importance of ongoing dialogues to address mutual concerns.
Concerns Over China’s Industrial Policy Practices
Yellen revealed that US officials have raised concerns with senior Chinese officials regarding China’s industrial policy practices and the negative impact of overcapacity on the global economy. The discussions aimed to mitigate potential spillovers.
Positive Exchange Between US and China
China’s Vice Minister of Finance, Liao Min, expressed the importance of the recent visit to Washington by the Chinese delegation. Former Vice Premier He Lifeng praised the constructive talks with Yellen in China and hoped for further exchanges between the two sides.
