China’s Li Qiang dismisses ‘overcapacity’ concerns in talks with Janet Yellen
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Chinese Premier Li Qiang urged the US not to politicize economic issues and to view industrial capacity objectively during talks with US Treasury Secretary Janet Yellen in Beijing. Yellen expressed concerns about China's industrial 'overcapacity' and its potential impact on American interests. Li emphasized the importance of fair competition and open cooperation, while refraining from politicizing economic and trade issues. Yellen stated that the two countries should not avoid 'tough conversations' and discussed the shared objective of a healthy economic relationship. The meeting took place after two days of talks between Yellen and Chinese Vice-Premier He Lifeng in Guangzhou, where they addressed issues related to overcapacity and agreed to hold 'intensive exchanges' to address economic and financial challenges. Li expressed hope for strengthened communication and cooperation between the US and China, particularly on climate change. The issue of overcapacity has raised concerns in the EU and US, with the EU launching an anti-subsidy probe into Chinese electric vehicles. Economists and analysts have warned about the risks of an alliance to put pressure on Beijing. Yellen also emphasized the importance of communication between the two countries during a meeting with professors and students at Peking University's National School of Development.
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