By David Lawder
GUANGZHOU, China (Reuters) – U.S. Treasury Secretary Janet Yellen said on Saturday she had “productive conversations” with Chinese Vice Premier He Lifeng about bilateral economic relations after two days of meetings in Guangzhou, China’s southern export hub.
“The United States seeks to create a level playing field for American workers and businesses, as well as deeper cooperation on illicit finance, climate change and other priorities,” Yellen said in a post on X, formerly Twitter.
His post does not directly mention his top priority for his four-day visit to China: trying to convince Chinese officials to curb excess production capacity of electric vehicles, solar panels and other clean energy technologies that are threatening competing companies in the United States and other countries. Villages.
Chinese state media rejected his arguments about excess capacity, calling them a “pretext” for US protectionist policies.
Such comments seek to undermine China’s domestic growth and international cooperation, and Washington should focus on promoting innovation and competitiveness within its borders instead of resorting to “scaremongering”, state news agency Xinhua said in an editorial Friday night.
Yellen, He Lifeng and their teams held more than four and a half hours of meetings Saturday on a range of economic topics, with U.S. concerns over China’s growing exports of electric vehicles, solar panels and other goods the top priority for the head of the Treasury.
Yellen is expected to speak with reporters later Saturday.
Yellen told US business leaders in China’s southern export hub of Guangzhou on Friday that concerns are growing about the global economic fallout from China’s excess manufacturing capacity, putting the issue at the center of her four days of meetings with Chinese officials.
Citing China’s overproduction of electric vehicles, solar panels, semiconductors and other goods that are flooding into global markets amid a collapse in demand in China’s domestic market, Yellen said this is unhealthy for China and is hurting manufacturers of other countries.
“Talking about ‘Chinese overcapacity’ in the clean energy sector also means creating a pretext to implement more protectionist policies to protect US companies,” Xinhua said.
“After all, it is now known to the world that Washington will not hesitate to bare its protectionist teeth under the guise of national security in areas where its supremacy is challenged.”
Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China on Thursday evening.
He will travel to Beijing on Saturday, where he will meet with officials including Premier Li Qiang, Finance Minister Lan Foan and People’s Bank of China Governor Pan Gongsheng until Monday, according to a Treasury press notice.