U.S. and China seek common ground amid trade tensions
At the outset of a meeting with visiting U.S. Treasury Secretary Janet Yellen in Beijing, Chinese Premier Li Qiang emphasized that China and the United States should operate as partners rather than rivals, urging mutual respect.
12:36 PM EDT, April 7, 2024
During her visit, U.S. Treasury Secretary Janet Yellen and other U.S. administration officials raised concerns about the influx of Chinese exports into international markets. These exports, including electric vehicles, solar panels, semiconductors, and various electronic devices, are available at competitively low prices, leading to worries about market saturation.
Conversely, Chinese state media interpreted the U.S. complaints regarding "overcapacity" in the clean energy sector as a pretext. This pretext is seen as an intention by U.S. authorities to implement protectionist policies designed to shelter American businesses from competition.
Constructive Progress
According to an announcement by Reuters, Premier Li Qiang acknowledged "constructive progress" during Secretary Yellen's visit.
Yellen conveyed to the Chinese Premier that dialogue on challenging issues has helped stabilize the bilateral relationship over the past year.
She pointed out that both Washington and Beijing are responsible for meticulously managing their complex bilateral ties and collaborating on urgent global challenges.
Before her discussions in Beijing, Yellen visited Guangzhou in southern China for a meeting with Chinese Vice Premier He Lifeng. Post-discussions, she revealed plans for both nations to initiate dialogue focused on achieving "balanced growth." This includes addressing issues like China's "overcapacity" in certain sectors, reportedly supported by government subsidies.
