From overcapacity to TikTok, the issues covered during Janet Yellen's trip to China
Treasury Secretary Janet Yellen and her team are returning to Washington after a visit to China where they tried to tackle the biggest economic issues between the countries
BEIJING — U.S. Treasury Secretary Janet Yellen and her team are leaving China and returning to Washington after trying to tackle the major questions of the day between the countries. Here's a look at what she tried to accomplish, what was achieved, and where things stand for the world's two largest economies:
Yellen said she wanted to go into the U.S.-China talks to address a major Biden administration complaint that Beijing’s economic model and trade practices put American companies and workers at an unfair competitive disadvantage by producing highly subsidized solar products, electric vehicles and lithium-ion batteries at a loss, dominating the global market.
Chinese government subsidies and other policy support have encouraged solar panel and EV makers in China to invest in factories, building far more production capacity than the domestic market can absorb. She calls this overcapacity.
Throughout the week of meetings, she talked about the risks that come from one nation maintaining nearly all production capacity in these industries, the threat it poses to other nations' industries and how a massive rapid increase in exports from one country can have big impacts on the global economy.
Ultimately, the two sides agreed to hold “intensive exchanges” on more balanced economic growth, according to a U.S. statement issued after Yellen and Chinese Vice Premier He Lifeng held extended meetings over two days in the southern city of Guangzhou. It was not immediately clear when and where the talks would take place.
“It’s not going to be solved in an
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