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U.S. and China Agree to Address Economic Concerns

GUANGZHOU, China (AP) — The U.S. and China have agreed to engage in talks to address a key complaint about China’s economic model, Treasury Secretary Janet Yellen announced on the second day of her official visit to China.

The discussions will focus on achieving more balanced economic growth, a statement from the U.S. revealed following extended meetings between Yellen and Chinese Vice Premier He Lifeng in Guangzhou over two days.

Furthermore, they have also agreed to initiate exchanges regarding combating money laundering, as per the U.S. statement.

Yellen, who began her visit in Guangzhou before heading to Beijing, emphasized that the dialogue on balanced growth aims to establish a platform for mutual understanding and addressing American concerns related to manufacturing overcapacity in China.

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She mentioned to reporters, “It’s a topic that won’t be resolved quickly, but Chinese authorities are aware of our apprehensions about the impact of their industrial strategy on the United States, potentially inundating our markets with exports that could hinder American companies’ competitiveness.”

China’s official news agency Xinhua stated that discussions will revolve around the balanced growth of the United States, China, and the global economy, along with aspects like financial stability, sustainable finance, and cooperation in anti-money laundering measures.

The report acknowledged China’s comprehensive response regarding production capacity but did not disclose specifics. China also expressed serious concerns about U.S. trade and economic policies that restrict Chinese operations, as reported by Xinhua.

Chinese government incentives have led to an increase in solar panel and electric vehicle manufacturing facilities in China, surpassing the local market’s demand.

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The culmination of this mass production has led to cost reductions and fierce competition in green technology, benefiting consumers and efforts to reduce reliance on fossil fuels globally. However, Western nations fear a potential inundation of their markets with low-priced exports, jeopardizing jobs in America and Europe.

“Our continuing dialogue on balanced growth and anti-money laundering measures will be conducted within the existing economic and financial working groups established after my last meeting with Vice Premier He in July,” Yellen mentioned.

Yellen expressed optimism about cooperation efforts to address U.S. concerns regarding Chinese companies supplying goods to Russia post its Ukraine invasion.

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“While there’s more work to be done, we see this as an area where we can collaborate, and we’ve already witnessed positive developments,” she stated.

An earlier coverage of her visit suggested that U.S. concerns about overcapacity could be used as grounds for imposing tariffs. A commentary by Xinhua pointed out that while maintaining communication between the world’s top two economies is crucial, highlighting ‘Chinese overcapacity’ in clean energy could be a ploy to introduce protectionist measures for U.S. firms.

During a layover in Alaska en route to China, Yellen mentioned that the U.S. does not rule out the possibility of tariffs in response to China’s extensive subsidies for green energy production.

The U.S. government has taken legislative and executive actions to reduce dependence on certain Chinese technologies to bolster domestic manufacturing capabilities. These steps are viewed as vital for national security by several members of the White House and Congress.

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The $280 billion CHIPS and Science Act, enacted in 2022, seeks to uplift the semiconductor industry and scientific research to create more high-tech jobs in the U.S. and enhance competitiveness vis-à-vis China. Additionally, President Joe Biden signed an executive order last August to regulate and restrict high-tech investments in China originating from the U.S.

Yellen is scheduled to engage in meetings with senior officials and economists in Beijing on Sunday and Monday.

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Reporting by Moritsugu from Beijing.

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