The US plans to put pressure on China over its actions
U.S. Treasury Secretary Janet Yellen has criticized China's use of subsidies to give its manufacturers a competitive advantage in key new industries, which is damaging the global economy.
This is reported by Bloomberg.
"We've raised the issue of overcapacity in previous discussions with China, and I plan to make it a key issue during my next trip to China," Yellen said.
The U.S. Treasury Secretary is expected to make her second visit to China soon after Washington and Beijing resumed high-level diplomatic talks.
"It is important that the Chinese understand why we are concerned. But I don't want to retaliate. We want to see what we can do constructively," Yellen said.
The official also made it clear that the US is not the only one complaining about China's overcapacity, pointing to similar concerns in Europe.
Author - Olena Madiak, 28/03/2024
