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Yellen faces tough road on China's vast overproduction problem

finance.yahoo.com · 799 words · saved by 1 readers

GUANGZHOU, China (Reuters) - U.S. Treasury Secretary Janet Yellen arrived in China's southern factory hub of Guangzhou on Thursday with a tough message to Chinese officials: you're producing too much of everything, especially clean energy goods, and the world can't absorb it. China is unleashing a flood of electric vehicles (EVs), batteries, solar panels, semiconductors and other manufactured goods into global markets, the result of years of massive government subsidies and weak demand at home. Global prices for many goods are tanking, pressuring producers in other countries. "We see a growing threat of money-losing firms that are going to have to sell off their production somewhere," a senior U.S. Treasury official said of overproduction in key Chinese sectors. In a series of meetings with top Chinese economic officials from Friday through Monday, Yellen will seek to convey her view that the excess production is unhealthy for China and that there is a growing drumbeat of concern about

Yellen faces tough road on China's vast overproduction problem U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing · Reuters David Lawder Updated April 4, 2024 4 min read By David Lawder GUANGZHOU, China (Reuters) - U.S. Treasury Secretary Janet Yellen arrived in China's southern factory hub of Guangzhou on Thursday with a tough message to Chinese officials: you're producing too much of everything, especially clean energy goods, and the world can't absorb it. China is unleashing a flood of electric vehicles (EVs), batteries, solar panels, semico

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