Medical and Hospital News
TRADE WARS
China pushes back at US overcapacity concerns as Yellen wraps visit
China pushes back at US overcapacity concerns as Yellen wraps visit
by AFP Staff Writers
Beijing (AFP) April 8, 2024

Beijing's commerce minister dismissed as "groundless" US concerns that a surge of low-cost Chinese exports posed a risk to global markets, as Washington's Treasury chief on Monday wrapped up a visit aimed in part at addressing the issue.

During the visit by Treasury Secretary Janet Yellen, Chinese officials have sounded a positive note that ties between the two countries are on more stable footing, with both sides agreeing to open channels for further talks on the issue of excess industrial capacity -- though differences clearly remain.

The US concern is that with Chinese government support creating more production capacity than global markets can absorb, a flood of cheap exports in key sectors like solar and electric vehicles could impact the growth of those industries elsewhere.

But commerce minister Wang Wentao said during a trip to Paris on Sunday that "the accusations of 'overcapacity' by the United States and Europe are groundless", state-run Xinhua news agency reported.

Wang said Chinese electric vehicle makers' rapid growth was due to innovation and established supply chains, not subsidies.

He added that Beijing would support businesses in defending their interests, Xinhua said.

Beijing has repeatedly dismissed concerns over its vast state support for industry.

The European Union has started a probe into Chinese electric car subsidies that could lead to tariffs on vehicles it believes are unfairly sold at a lower price, which Beijing last month condemned as "protectionism".

Yellen has brought up overcapacity repeatedly in talks with officials and business leaders in the southern city of Guangzhou and the capital Beijing.

In addition to tackling the issue with her counterpart Vice Premier He Lifeng over some 11 hours of engagement, she also raised it with Premier Li Qiang in a bid to bring the concerns to the highest levels of Chinese policymaking.

According to Xinhua, Li told Yellen that Washington should view the matter of production capacity "objectively" and from a "market-oriented" perspective.

He added that the growth of China's new energy industry "will make important contributions to the global green and low-carbon transition", the readout of their bilateral meeting said.

Yellen, for her part, has acknowledged that "this is a complicated issue that involves their entire macroeconomic and industrial strategy".

"It's not going to be solved in an afternoon or a month," she earlier told reporters in Guangzhou.

But she said Chinese officials had "heard that this is an important issue to us" and one that will be critical to the bilateral relationship, as well as China's ties with other countries, going forward.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Yellen, Premier Li express hope for US-China cooperation
Beijing (AFP) April 7, 2024
US Treasury Secretary Janet Yellen and Chinese Premier Li Qiang sounded a hopeful tone on US-China cooperation on Sunday, though the American policymaker noted both sides cannot shy away from tough conversations. The US-China relationship can only move forward with direct and open communication, Yellen told Li, after arriving in the Chinese capital from the southern city of Guangzhou. "China sincerely hopes that the two countries will be partners, not adversaries," Li said in welcoming remarks t ... read more

TRADE WARS
Taiwan rescuers free nine from cave after quake

Spanish NGO halts Gaza aid work over deadly attack

Russian drone strike kills Ukrainian first responders working at scene of earlier attack

Helicopter plucks miners to safety as Taiwan searches for missing after quake

TRADE WARS
GMV Spearheads ESA's Mission to Revolutionize Satellite Navigation with LEO Technology

Aerospacelab and Xona Unite to Transform Satellite Navigation

Genesis will measure Earth in millimetric detail from space

Genesis and LEO-PNT: Pioneering the future of precision navigation

TRADE WARS
Schoningen Discoveries Highlight Wood's Vital Role in Early Human Technology

Activists slam new Hong Kong ID card policy for trans people

Paleolithic sites near water sources key to understanding early human hunting practices

No 'human era' in Earth's geological history, scientists say

TRADE WARS
Viral Discovery Offers Hope Against Destructive Amphibian Fungus

Rising temperatures upend migratory bird habitats in Albania

Grackles thrive in human spaces through risk-sensitive learning

S Korean fans bid farewell to internet-famous panda Fu Bao

TRADE WARS
Latin America, Caribbean set for record dengue season

US conspiracy theorists monetize 'Disease X' misinformation

Malaria jab rollout in Cameroon a 'turning point': Gavi

TRADE WARS
US to restrict visas for 'multiple' Hong Kong officials

US outlet Radio Free Asia closes Hong Kong office over security law fears

Hong Kong scraps early release for national security convicts

China tries to block NGO tribute to dead dissident at UN

TRADE WARS
Hong Kong customs makes largest-ever gold smuggling bust

Indian navy says intercepted hijacked vessel near Somalia

Bodies of eight Chinese migrants found on beach in Mexico

Ecuador mayor killed amid anti-gang state of emergency

TRADE WARS
Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.