Yellen says 'tough conversations' needed on China's overproduction

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Treasury Secretary Janet Yellen said during her trip to Beijing that the U.S. and China have a "duty" to manage the complex relationship between the countries responsibly and raised concerns about the impact of Chinese firms' overproduction in several key industries. Yellen met with Chinese Premier Li Qiang for 80 minutes in Beijing and discussed issues such as China's overproduction of electric vehicles (EVs), solar panels, and other clean energy components. Yellen highlighted that these overproductions have hurt producers and jobs in the U.S. and other countries. The excess manufacturing capacity of EVs in China could be between 5 and 10 million per year by 2027. Yellen also mentioned that China's excess industrial capacity and the government's support for those industries were discussed during the meeting. Li showed some willingness for U.S. and Chinese economic teams to explore the issue further. Chinese state media outlet Xinhua quoted Li as saying that the U.S. should view production capacity from a market-oriented and global perspective and refrain from turning economic and trade issues into political or security issues. Yellen's trip to China is her second in the last nine months.

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https://www.foxbusiness.com/economy/yellen-says-tough-conversations-needed-on-chinas-overproduction