US Treasury chief Janet Yellen and Ambassador to China Nicholas Burns attend a roundtable with business leaders in Guangzhou. Photo: Pedro Pardo / AFPUS Treasury Chief Janet Yellen called on Friday for a"level playing field" between American and Chinese companies, telling officials during a visit to southern China that Beijing's industrial subsidies threatened that balance.
Meeting Friday morning with the governor of Guangdong -- a vast province emblematic of the reforms and development that drove China's breakneck growth -- she said the US was committed to a"healthy economic relationship". "This includes the issue of China's industrial overcapacity, which the United States and other countries are concerned can cause global spillovers," she said.Yellen has warned that China's huge subsidies for technology like green energy, EVs and batteries risk creating an excess of goods that then flood global markets -- undercutting American and other countries' firms.
"It is likely that the administration will take some action to show it is willing to act pre-emptively to prevent future problems from China's overcapacity in EVs," he told AFP.During her trip, Yellen plans to meet with Chinese Premier Li Qiang and Vice Premier He Lifeng, as well as central bank governor Pan Gongsheng and Finance Minister Lan Fo'an.
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