China’s Dominance in Clean Energy Manufacturing Raises Concerns for US, Says Treasury Secretary Yellen
Challenges Faced by American Workers and Businesses
Treasury Secretary Janet Yellen expressed concerns over China’s significant investments in advanced manufacturing of clean energy products and the resulting unfair competition that undermines American companies and workers.
Looming Threat of Overproduction
Yellen highlighted the risks posed by China’s overproduction of electric vehicles, batteries, solar panels, and other clean energy goods, warning that it could lead to the closure of businesses in the US and beyond as Chinese firms receive unwavering support.
Unequal Playing Field
Describing the current scenario as anything but a level playing field, Yellen emphasized the importance of mitigating these risks and rectifying the disparities that disadvantage American workers and businesses due to Chinese subsidies and support.
Progress in Dialogues and Discussions
While acknowledging progress in certain areas of mutual interest, such as combating money laundering and addressing climate change, Yellen underscored the ongoing dialogues with Chinese officials regarding industrial policy practices and the potential global economic repercussions of overcapacity.
Positive Exchange Between China and the US
During her recent visit to China, Yellen engaged in programmatic and constructive talks with senior Chinese officials, leading to fruitful exchanges that laid the groundwork for continued deepening of relations and understanding between the two countries.
China’s Vice Minister of Finance, Liao Min, conveyed Beijing’s commitment to strengthening ties with the US, reflecting a mutual desire for sustained dialogue and cooperation.
He expressed gratitude for the productive discussions held in China and expressed hope for further collaboration in the future.
