US Treasury Secretary Yellen meets foreign business leaders in China ahead of trade talks

GUANGZHOU, China (AP) — U.S. Treasury Secretary Janet Yellen began trip to china On Friday, US, European and Japanese trade representatives from the world’s second-largest economy will hold a morning meeting to hear concerns, which is likely to be followed by tough talks on trade and other issues with senior Chinese government officials.

Yellen, the first Cabinet-level official to visit China since President Joe Biden met Chinese leader Xi Jinping last November, shook hands with the heads of the US and European chambers of commerce in China after arriving for the meeting in the southern industrial hub of Guangzhou. . ,

She has telegraphed that she will raise concerns during her five-day visit to China about what the US views unfair Chinese trade practicesA concern shared by many European countries.

Ishwar Prasad, a trade professor at Cornell University, hopes Yellen will push Beijing to increase domestic consumption and ensure adequate market access for U.S. companies, as well as fair competition in new technology sectors, especially green energy and electric vehicles. .

“Concerns about China attempting to export beyond its capacity, as well as exert greater pressure in these sectors, will be top of mind for the US delegation,” he said.

China has pushed back against overcapacity concerns expressed by both the US and Europe.

Foreign Ministry spokesman Wang Wenbin said earlier this week that the surge in Chinese EV and solar exports is conducive to green growth globally and is the result of international division of labor and market demand.

He accused the US of interfering in free trade by restricting technology exports to China.

“As far as who is doing non-market manipulation, that fact is for all to see,” he said. “The US has not stopped taking measures to control China’s trade and technology. “This is not ‘reducing risk,’ it is creating risk.”

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