U.S. Treasury Secretary Janet Yellen to visit China this week to continue economic dialogue

U.S. Treasury Secretary Janet Yellen will return to China this week to continue her economic dialogue with top Chinese officials amid a new emphasis on the global threat posed by the Asian superpower’s growing excess industrial capacity, the Treasury Department said on Tuesday.

Biden administration officials said that both Biden and Yellen will be emphasizing the need for China to create a “fair and level playing field” for U.S. workers and companies. Since Yellen’s first visit to Beijing last July, she and He have launched economic and financial working groups that meet virtually. The dialogue so far has been largely focused on discussing key economic issues facing each country and their respective policy responses, such as the property market troubles in China that have undermined consumer confidence, or the failures of two major U.S. regional banks last year.

Yellen said last week at a Suniva solar module factory near Atlanta that Chinese government support has led to “substantial overinvestment” in steel, aluminum and other industries, paving the way for cheap exports that have forced manufacturing in other, market-driven countries to contract. The EU is investigating whether China’s EV industry is benefiting from unfair subsidies, a probe that could lead to tariffs to protect European car makers. The U.S. Commerce Department has opened a probe into whether Chinese vehicles pose national security threats due to the data they transmit, and the Biden administration is facing growing calls from lawmakers to hike tariffs on Chinese EVs.

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