China Rebukes US 'Politicization' Of Trade Issues As Yellen Seeks 'Balanced' economical Growth

U.S. Treasury Secretary Janet Yellen arrived in China last Thursday for a 6-day visit, a journey she said was essential to “advance America’s economical and national safety interests.”

Treasury Secretary Janet Yellen said that the United States will launch 2 fresh initiatives with China and hold more economical dialogues aimed at addressing the expanding overcapacity in the world's second-largest economy.

Following 2 days of extended dialogues with her Chinese counterpart, Vice Premier He Lifeng, Ms. Yellen announced that the 2 sides have agreed to establish a fresh initiative for “intensive exchanges on balanced growth in the home and global environment.”

“These exchanges will facilitate a discussion around macroeconomic impalances, including their connection to overcapacity,” she said in a statement.

“I intend to usage this chance to advocate for a level playing field for American workers and companies.”

Ms. Yellen said she was “partially agreed” about Beijing’s overproduction in certain sectors due to state subsidies and another policy support. A precedence of the treatment secretary’s journey was to force Beijing to address the issue of overproduction, especially in fresh green-energy sectors specified as solar, electrical vehicles, and lithium-ion batteries.

“I think the Chinese realize how supported we are about the implications of their industrial strategy for the United States, for the possible to flow our markets with exports that make it hard for American companies to compete, and that another countries have the same concert,” she told reporters after anuncing the fresh strategy in Guangzhou, a confederate Chinese export hub.

China’s overcapacity involves its “enter macroeconomic and industrial strategy,” Ms. Yellen said. “It’s not going to be solved in an afternoon or a month.

“But I think they have heard that this is an crucial issue to us.”

The Treasury Department and China’s Ministry of Finance will presume the leadership function of the fresh group, Exchange on Balanced Growth in the home and Global Economics, according to a message issued by the Treasury Department.

However, as The South China Morning Post reports, China did not take all this criticism laying down.

Chinese Premier Li Qiang uged Washington not to politicalise economical issues but to take an nonsubjective view on industrial capacity, during talks with US Treasury Secretary Janet Yellen in Beijing on Sunday.

"The United States should look at the capacity issue objectively and dialectically from the point of view of the marketplace economy and from a global perspective, and on the basis of economical Laws," Li said, according to authoritative news agency Xinhua.

‘The improvement of China’s fresh energy manufacture will make an crucial concession to the global green and low-carbon transformation,’ Li Said.

“We hope the US could work with China to address to the basic marketplace economy standards of fair competition and open cooperation, while refraining from politics economical and trade issues or overstretching the concept of national security,” Li Said.

"The secretary provided her views on the shared nonsubjective of a healthy economical relation that provides a level playing field for workers and businesses in both the US and China," it said.

Yellen gathering with Chinese Premier Li Qiang at the large Hall of the People in Beijing on Sunday.

Additional as Frank Fang details via The Epoch Times, another plan set up by the Treasury Department and the People’s Bank of China is dedicated to combining “illicit finance and financial crime.”

U.S. and Chinese officials will have their first exchange on the issue in the “coming weeks.”

“This fresh effort will enable the U.S. and China to share best practices and supply updates on the actions we are each taking to close loops in our comparative financial systems,” Ms. Yellen said in the statement.

China characterized the two-day talks between Ms. Yellen and Mr. He as “candid, pragmatic, and constructive.”

Accepting to a summary of the meetings published by state media Xinhua, the 2 sides agreed to discuss a series of issues under the economical and financial working groups, specified as “sustainable finance” and “balanced growth” in the 2 countries and another economies.

The United States and China set up 2 working groups last year to deal with economical and financial issues. The first gathering of the financial issue working group was held in Washington on April 4.

But as Fang exploits further, issues over support for Russia regain a contact point as well as increasing demands for tariffs.

Russia

During the two-day talks with her Chinese counterpart, Ms. Yellen besides raised Washington’s deals about the register’sties with Russia.

Ms. Yellen said she warned the registry of “significant consequences” if Chinese companies provided material aid to Russia’s invasion of Ukraine.

“We’ve been clear with China that we see Russia as gaining support from goods that China, Chinese companies are providing to Russia,” she told reporters.

She said the Chinese side told her that “it is their policy not to supply Russia with military support.”

“Neither of us want this to be an issue with our bilateral relationship. So we’re working together,” Ms. Yellen said.

Tariffs

Ms. Yellen heads to Beijing on April 6 afternoon for 2 more days of talks with elder Chinese officials, including Premier Li Qiang and the People’s Bank of China politician Pan Gongsheng.

Steven Hayes, president of the Florida-based advocacy group Americans for Fair Taxation, Urged the Treasury secretary to “retaliate” against Beijing’s dumping by restoring Chinese imports and relocating the supply chain.

The Chinese government is trying to usage state subsidies to “destroy” U.S. business, Mr. Hayes said in an interview with NTD, a sister outlet of The Epoch Times, on April 4.

Beijing knows “if they bring products over at a low adequate price, that U.S. business will not be able to stay in business long adequate to compete, due to the fact that they’re not getting the same subsidies,” he said. Their purchases were to drive American companies out of business, “and then they can rise the prices from China and have free reign.”

En way to China, Ms. Yellen told reporters that she “won’t regulation out“ the anticipation that the Biden administration would impose tariffs or another trade barriers on China to defend U.S. green energy industries negatively affected by China’s overproduction.

Steven Mosher, president of the Population investigation Institute and author of a fresh book, “The Devil and Communist China,” suggested that Washington should respond to communist China’s industrial overcapacity with dense tariffs.

“I think the tariffs should actually be active to match the level of the subsidies that the Chinese Communist organization is providing industry,” Mr. Mosher told NTD.

“They are very dependent on their export base now, due to the fact that the home sector of the economy is rather blank, [and] freely, floating,” he said.

“Now, it’s the time to put force on them.”

On Monday evening, her last night in China, Yellen visited Jing-A Brewing Co. in Beijing — co-founded by an American — where she ordered a Flying Fist IPA, a beer made with American hops.

She took a sip and called it “excellent.”