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Yellen in China to press officials on tech industry subsidies

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US Treasury Secretary Janet Yellen arrived in China's Guangzhou on Thursday for meetings to press Beijing over fears the country's industrial subsidies for green energy, cars and batteries could flood global markets with cheap goods.

US Treasury Secretary Janet Yellen arrives in south China's Guangzhou late Thursday for days of meetings in which she will press Beijing on industrial overcapacity and other hot-button economic issues.

Treasury Under Secretary for International Finance Jay Shambaugh told AFP in an earlier interview that the United States wants to see shifts in Chinese industrial support and issues like production targets that"exceed what the global market can bear".In China, Yellen plans to meet with Chinese Premier Li Qiang and Vice Premier He Lifeng as well as central bank governor Pan Gongsheng and Finance Minister Lan Fo'an.

But, he said:"While the fact of the meetings is positive, we expect few concrete outcomes and potentially major downsides in terms of hard rhetoric from Beijing and pushback" on issues like overcapacity.

 

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Yellen to urge China to address overcapacity issuesA surge in cheap exports from China in industries like electric vehicles could bring 'global spillovers,' US Treasury Secretary Janet Yellen is due to warn in a speech on Wednesday. 'Now, we see excess capacity building in 'new' industries like solar, EVs, and lithium-ion batteries,' Yellen is due to say.
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