2023-11-14 07:21:53
U.S. Treasury Secretary Yellen pointed out to Chinese Vice Premier He Lifeng at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting that China’s strong financial support for specific industries may lead to overcapacity and pose a threat to other countries. (Bloomberg)
[Compiled by Lu Yongshan/Comprehensive Report]U.S. Treasury Secretary Yellen pointed out to Chinese Vice Premier He Lifeng at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting that China’s strong financial support for specific industries may lead to overcapacity and pose a threat to the world. .
According to “Bloomberg” reports, Yellen said at a press conference in San Francisco following a one-day meeting with the finance ministers of APEC member countries that she discussed “the issue of oversupply” with He Lifeng. Yellen said: “We discussed the oversupply issues that have occurred and may occur in the future in industries where China has invested heavily, and I do think that is a risk, and I think the Chinese understand our concerns that some of the investment may lead to overcapacity. excess”.
Yellen said she discussed China’s slowdown in economic growth with APEC ministers, who agreed that it poses a downside risk to the economic outlook, especially for APEC members with close trade ties with Beijing. According to the statement issued by Yellen and Ho Lifeng following the meeting, the United States and China are committed to creating a “level playing field” for companies and workers in their respective countries.
Overcapacity in certain industries in China has been a problem for many years, and the European Union, Japan, the United States and other countries have cooperated in different forms to try to reduce overcapacity in industries such as steel. For example, following China’s electric vehicle exports grew significantly, the European Union recently launched an investigation into government subsidies for Chinese electric vehicles.
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