US-China economic flashpoints in Yellen's China trip

US Secretary of the Treasury Janet Yellen speaks during a news conference following a bilateral meeting with Chine's Vice Premier He Lifeng in November 2023. Photo: JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/FileSince US Treasury Secretary Janet Yellen visited Beijing last year, the world's two biggest economies have resumed regular talks and averted major escalations in tensions.

China has acknowledged risks from overcapacity but it is unclear if Beijing will take concrete steps to address this. When Yellen visits Guangzhou city in her upcoming trip, she is expected to meet with representatives from US firms to hear their concerns. Last August, the Treasury was also asked to set up a program monitoring US outbound investments involving China for sensitive sectors -- to prohibit certain transactions or require notifications for them.Chinese Foreign Minister Wang Yi has since warned that Washington's AI approach could bring mistakes with historic consequences.Another area of tension is Washington's"friendshoring" strategy -- to locate critical supply chains among allies and partners.

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