2024-04-09 11:01:04
US Treasury Secretary Janet Yellen, during her visit to China, called on the country’s leadership to reconsider its economic strategy, which, in her opinion, creates threats to workers and businesses in the US and other countries.
As Day.Az reports with reference to Gazeta.ru, Bloomberg reports this.
Speaking at a news conference in Beijing, Yellen said economic imbalances and China’s massive subsidies to certain industries pose “significant risks” to foreign companies and jobs. She urged Chinese leaders to focus on stimulating domestic demand instead of increasing production capacity.
Yellen’s visit, her second to China in nine months, comes as the world’s two largest economies attempt to stabilize their rocky relationship. America criticizes China for flooding global markets with cheap goods, while Beijing denies the accusations.
“China is too big to achieve rapid growth through exports,” Yellen warned at an American Chamber of Commerce event in China.
She added that China’s production capacity currently “exceeds the global market.”
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