2024-04-07 03:41:15
US Treasury Secretary Janet Yellen, visiting Guangzhou, told officials that Chinese enterprises were producing too many goods and that this was upsetting the global balance and threatening China itself. Reuters writes about this, Day.Az reports with reference to Gazeta.ru.
She noted that there is a particular imbalance in the categories of electric vehicles, batteries, solar panels and semiconductors. Yellen said massive government subsidies and weak domestic demand are causing global commodity prices to fall and producers in other countries to face pressure.
Journalists note that Yellen plans to convey her position during a series of meetings with senior government officials. She plans to explain that such a policy will lead to an inevitable response.
Previously, Business Insider wrote that after China became the world leader in the export of cheap goods in the early 2000s, severely impacting the competitive ability of Western manufacturers, many are already fearing a new stage of the “Chinese shock.”
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