US Treasury Secretary Janet Yellen speaks during a press conference at the US embassy in Beijing, China , July 9, 2023 arrived in China 's southern factory hub of Guangzhou on Thursday with a tough message to Chinese officials: you're producing too much of everything, especially clean energy goods, and the world can't absorb it.
In a series of meetings with top Chinese economic officials from Friday through Monday, Yellen will seek to convey her view that the excess production is unhealthy for China and that there is a growing drumbeat of concern about it in the US, Europe, Japan, Mexico and other major economies. "I do think the stage is set for renewed tensions with China," said Brad Setser, a former US trade and Treasury official.
But she said the Biden administration was determined to develop American supply chains in EVs, solar power and other clean energy goods with investment tax credits and would not"rule out other possible ways in which we would protect them". Bill Russo, the Shanghai-based founder and CEO of advisory firm Automobility, estimated that this translates to excess auto production capacity of about 10 million vehicles a year, or roughly two-thirds of North American auto output in 2022.
Renewable Energy Electric Car China
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