Yellen Urges China to Shift Policies on Industry and Economy, as Overcapacity Raises Concerns from trip Watch Video

⏲ Duration: 0:43
👁 View: 680K times
✓ Published: 09-Apr-2024

Description:
US Treasury Secretary Janet Yellen said future US-China talks will focus on underscoring Beijing's need to shift policies on industry and the economy. Yellen spent over two hours discussing this topic with the Chinese Vice Premier last week during her trip to China. China's excess industrial capacity has become an international concern as it undercuts prices globally. Beijing is more focused on overcapacity's impact on deflation, banking, and local government finances than trade. High costs of living in China have encouraged saving over spending, slowing consumption recovery from the pandemic.