Move FM Global News

WASHINGTON, D.C.: This week, U.S. Treasury Secretary Janet Yellen said China’s massive investments in advanced manufacturing of clean energy goods must be mitigated, as it created an unfair playing field that could put American workers and businesses at risk.

She made this statement on the sidelines of the spring meetings of the International Monetary Fund (IMF) and World Bank.

Yellen stressed that the overproduction of electric vehicles (EV), batteries, solar panels, and other goods could put companies in the U.S. and other countries out of business while Chinese firms continue to receive support.

“So, this is not a level playing field. And from a supply chain standpoint, I think it creates risks that we are clearly seeking to mitigate and it’s also unfair to our workers and firms,” she said.

After visiting China earlier this month, Yellen said the ongoing dialogue with Chinese officials had progressed in areas of common interest, such as addressing climate change and countering money laundering.

U.S. officials have also met senior Chinese officials to discuss China’s industrial policy practices and the adverse effects of overcapacity on the global economy.

Beijing attached “great importance” to the Chinese delegation’s visit to Washington, China’s Vice Minister of Finance Liao Min had told Yellen.

He also read a statement from former Vice Premier He Lifeng thanking Yellen for “programmatic, in-depth and constructive” talks in China.