US and China plan talks on economics, including manufacturing ‘overcapacity’ issue, Yellen says
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The U.S. and China have agreed to hold talks on addressing the issue of manufacturing overcapacity in China. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng held extended meetings in Guangzhou, where they discussed balanced economic growth and combating money laundering. Yellen expressed concerns about China's industrial strategy and the potential flooding of U.S. markets with exports that could harm American firms. The talks aim to create a structured way for both sides to address these concerns and avoid conflict. China has responded fully on the issue of production capacity, but details were not provided. Yellen also mentioned joint efforts to address U.S. concerns about Chinese companies selling goods to Russia following its invasion of Ukraine. The talks will be held under the framework of existing economic and financial working groups. Yellen will continue her meetings in Beijing with senior officials and economists.
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