By David Lawder
GUANGZHOU, China (Reuters) -U.S. Treasury Secretary Janet Yellen mentioned on Saturday she had “productive conversations” with Chinese language Vice Premier He Lifeng on the bilateral financial relationship after two days of conferences in China’s southern export hub of Guangzhou.
“The U.S. seeks to create a degree taking part in discipline for American staff and companies, in addition to deeper cooperation on illicit finance, local weather change and different priorities,” Yellen mentioned in a put up on X, previously Twitter.
Her put up didn’t straight point out her prime precedence for her 4 day go to to China: to attempt to persuade Chinese language officers to rein in extra manufacturing capability for electrical automobiles, photo voltaic panels and different clear power know-how which are threatening competing companies within the U.S. and different international locations.
Chinese language state media pushed again on her extra capability arguments, calling them a “pretext” for protectionist U.S. insurance policies.
Such feedback search to undermine China’s home progress and worldwide cooperation, and Washington ought to concentrate on fostering innovation and competitiveness inside its personal borders as an alternative of resorting to “fear-mongering,” state information company Xinhua mentioned in an editorial late on Friday.
Yellen, He Lifeng and their groups held over 4 and a half hours value of conferences on Saturday on a variety of financial matters, with U.S. considerations about China’s rising exports of electrical automobiles, photo voltaic panels and different items the largest precedence for the Treasury chief.
Yellen is anticipated to talk with reporters in a while Saturday.
Yellen instructed U.S. businesspeople in China’s southern export hub of Guangzhou on Friday that considerations are rising over the worldwide financial fallout from China’s extra manufacturing capability, making the difficulty the main target of her 4 days of conferences with Chinese language officers.
Citing China’s overproduction of electrical automobiles, photo voltaic panels, semiconductors and different items which are flooding into international markets within the face of a requirement hunch in China’s home market, Yellen mentioned this was not wholesome for China and was hurting producers in different international locations.
“Speaking up ‘Chinese language overcapacity’ within the clear power sector additionally smacks of making a pretext for rolling out extra protectionist insurance policies to protect U.S. firms,” Xinhua mentioned.
“In spite of everything, it’s now recognized by the world that Washington won’t hesitate to point out its protectionist tooth beneath the guise of nationwide safety in areas the place its supremacy is challenged.”
Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday.
She is to journey in a while Saturday to Beijing, the place she’s going to meet officers together with Premier Li Qiang, Finance Minister Lan Foan and Individuals’s Financial institution of China Governor Pan Gongsheng by Monday, in accordance with a Treasury press advisory.