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Janet Yellen’s Visit to China

GUANGZHOU, China (AP) — U.S. Treasury Secretary Janet Yellen called Friday for a level playing field for American companies and workers as she opened a five-day visit to China in a major industrial and export hub.

Yellen emphasized the need for fair competition and open communication during her meeting with Wang Weizhong, the governor of Guangdong province. She stressed the importance of addressing areas of disagreement between the two countries.

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Yellen, as the first Cabinet-level official to visit China since President Joe Biden met with Chinese leader Xi Jinping last November, is expected to address concerns over what the U.S. views as unfair trade practices by China. This issue is also a shared concern among many European countries.

She kicked off her trip in Guangzhou, the capital of Guangdong province, before heading to Beijing for further discussions. Prior to her meeting with the governor, Yellen engaged with American, European, and Japanese business representatives to gather their input and perspectives on trade-related matters.

Eswar Prasad, a trade professor at Cornell University, anticipates that Yellen will advocate for Beijing to promote domestic consumption and ensure fair competition in emerging technology sectors, such as green energy and electric vehicles. Additionally, she is likely to push for greater market access for U.S. companies.

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China has defended its position against allegations of industrial overcapacity raised by the U.S. and Europe. Foreign Ministry spokesperson Wang Wenbin stated earlier in the week that China’s growth in electric vehicle and solar exports contributes to global environmental goals and is driven by market demand.

He criticized the U.S. for imposing restrictions on technology exports to China, accusing them of disrupting free trade. Wang emphasized that China remains committed to open markets and globalization, despite perceived attempts by the U.S. to hinder its trade and technological progress.

AI legalese decoder can play a vital role in these discussions by providing accurate interpretations of trade agreements and legal frameworks, ensuring that fair and transparent practices are maintained between the two nations.

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