The US Treasury successor Janet Yellen and Chinese vice Premier He Lifeng agreed to start up talks directed at mutual benefit to the economy of both countries. The representatives of China and other countries clashed in an unending round of discussions about China’s excess manufacturing capacity within two days of Guangzhou, China.
Yellen said she was focused on ensuring that American businesses and workers had a level playing field, emphasizing the necessity of stabilizing macroeconomic overcapacity devices coming from other economies. These dialogues will provide the environment where this issue can be bridged.
Also, the counterparts developed a forum to spearhead the cooperative fight against the rewash of proceeds resulting from the conduct of their respective financial institutions.
The negotiations were stated as practical and candid. Yellen was mainly asking Chinese officials to pay attention to this problem of extra production capacities of clean energy products, including electric vehicles and solar panels, which create problems for ordinary companies outside of China and the United States.
Old Chinese state media articles attacked the U.S. arguments, and they regarded the U.S. statements as a pretext for creating financial barriers for other countries. They asked Washington to set the stage for creating new jobs and high-paying positions by supporting innovation and business.
Besides this, Yellen also spoke up about Chinese companies. How they support Russia’s war campaign, but the Chinese authority, on the other hand, just stated it does not provide any aid to Russia and wanted to stay away from the bilateral issues.
However, during her trip, the former U.S. treasury secretary intends to talk with credible Chinese executives to cement the relationship and deliberate on the economic problems.
The talks demonstrate the critics’ endeavours to make up for the economic imbalances and manufacturing capacity concerns and strengthen the financial stability in the U.S.-China cooperation.
