• Tue. May 21st, 2024

Yellen, US Treasury Secretary, meets with foreign business leaders in China in preparation for trade discussions

BySamantha Johnson

Apr 5, 2024
Yellen, US Treasury Secretary, meets with foreign business leaders in China in preparation for trade discussions

During her visit to China, U.S. Treasury Secretary Janet Yellen met with American, European, and Japanese business representatives to discuss concerns in the world’s second-largest economy. Yellen’s visit comes ahead of expected tough talks on trade and other matters with senior Chinese government officials. She is the first Cabinet-level official to visit China since President Joe Biden met with Chinese leader Xi Jinping last November. Yellen shook hands with the heads of the American and European chambers of commerce in Guangzhou, signaling the start of her five-day trip.

Yellen is expected to address concerns about what the U.S. sees as unfair Chinese trade practices during her visit to China. This concern is shared by many European countries as well. Eswar Prasad, a trade professor at Cornell University, anticipates Yellen will urge Beijing to strengthen domestic consumption, ensure fair competition in new technology sectors such as green energy and electric vehicles, and provide adequate market access for U.S. companies. Overcapacity concerns in China’s exports in these sectors have been raised by both the U.S. and Europe.

Chinese officials have pushed back against overcapacity concerns and allegations of unfair practices. Foreign Ministry spokesperson Wang Wenbin stated that China’s growth in exports of electric vehicles and solar technology contributes to global green development. He also accused the U.S. of restricting technology exports to China, interfering with free trade, and creating risks rather than mitigating them. The ongoing trade and technology issues between the U.S. and China are likely to be central topics in Yellen’s discussions during her visit.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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