US Treasury Secretary Janet Yellen met with Chinese Premier Li Qiang in Beijing to discuss mutual cooperation despite differences, addressing US concerns about manufacturing overcapacity in China. Yellen emphasized the importance of open communication for progress in the bilateral relationship. Both countries agreed to hold intensive exchanges on achieving more balanced economic growth.
Chinese Vice-Premier He Lifeng and US Treasury Secretary Janet Yellen conducted multiple rounds of talks in Guangzhou, Guangdong province, focusing on the implementation of consensus reached between the two countries' leaders. Discussions included macroeconomic situations, China-US economic relations, global challenges, balanced growth of both economies, financial stability, sustainable finance, anti-money laundering cooperation, and addressing US trade and economic restrictions against China. Both sides agreed to maintain communication and intensify exchanges on combating money laundering.
Senior commerce and trade officials, as well as the business communities in China and the United States, have strengthened talks between the two sides as Wang Shouwen, China's international trade representative and vice-minister of commerce, was on a visit to the United States from Tuesday through Friday, according to the Ministry of Commerce. Vice-Premier He Lifeng met on Friday with visiting US Treasury Secretary Janet Yellen in Guangzhou, Guangdong province. Yellen arrived in the city in southern China on Thursday and was set to travel to Beijing on Saturday. Vice-Premier He said they are expected to delve deeper into crucial issues in the economic and financial fields of China, the US and the world. "Addressing key concerns in China-US economic relations and formulating appropriate responses are also on our agenda," He added.
Treasury Secretary Janet Yellen is in China for four days of meetings with officials to enhance dialogue and reduce misunderstandings, focusing on unfair trade practices and Chinese industrial overcapacity. Secretary of State Antony Blinken is also set to visit later. Yellen's itinerary includes meetings with Vice Premier He Lifeng, Premier Li Qiang, and discussions on economic issues in Guangzhou, Guangdong, and Beijing. The visit aims to address global economic impacts of Chinese manufacturing practices. Trade tensions between the EU and China are anticipated to rise.
US Treasury Secretary Janet Yellen is on her second visit to China to address the oversupply of Chinese goods in key industries such as electric vehicles and solar panels. Yellen expressed concerns about China's shift away from a market approach, with state subsidies impacting global economies. Yellen mentioned potential trade barriers if China doesn't address overcapacity, aiming to foster fair competition without decoupling economies. This visit follows discussions between US President Joe Biden and Chinese leader Xi Jinping, highlighting efforts to stabilize ties between the two nations.
U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers to increase the productive capacity of their economies, finance the transition to low-carbon energy, and provide more opportunities for the poor. Yellen emphasized the need for collaboration among the 21 APEC economies to meet goals for the 2023 U.S. hosting year and create a sustainable and inclusive Asia-Pacific community. She also stressed the importance of boosting labor supply, innovation, infrastructure investment, and leveraging emerging technologies while maintaining safe financial markets. Yellens remarks come ahead of the APEC leaders summit and a meeting between President Biden and President Xi Jinping to ease tensions between the U.S. and China.
When US Treasury Secretary Janet Yellen dined at one of the oldest Cantonese restaurants Taotaoju after landing up in Guangzhou Thursday, the US side demanded that the privacy screens be moved so that they could enjoy cuisine together with local diners sitting around. Such a "remove-the-barrier" request, a gesture of openness that allows Yellen and her entourage to have a direct engagement with the Chinese people, was also a graceful pose for the camera. However, don't forget that there are formidable barriers hindering interactions between China and the United States, which wait to be dismantled for the good of the two nations as well as the rest of the world. The specter of protectionism has been haunting Washington. Multiple America's top decision-makers, both Republicans and Democrats, have been in the grip of the you-win-I-lose Cold War mentality when looking at China-US relations.
Chinese Premier Li Qiang meets with a U.S. Chamber of Commerce delegation led by the chamber's President and CEO Suzanne Clark at the Great Hall of the People in Beijing, capital of China, Feb. 28, 2024. (Xinhua/Liu Weibing) BEIJING, Feb.
Treasury Secretary Janet Yellen warns that China's surplus in solar power, electric vehicles, and lithium-ion batteries is distorting global prices, hurting American and international firms. She plans to address these trade practices during her upcoming visit to China. Yellen highlights the competitive challenges faced by the U.S. green manufacturing industry due to China's dominance in clean energy production. The U.S. administration aims to counter China's investments in clean energy with initiatives like the Inflation Reduction Act. Recent tensions between the U.S. and China include cybersecurity and trade disputes, with Biden expressing concerns over Chinese smart cars posing national security risks.
Treasury Secretary Janet Yellen criticized China's increased production in solar energy, electric vehicles, and lithium-ion batteries for distorting global prices and harming American firms and workers, as well as companies worldwide. Yellen plans to address Beijing's overcapacity in green energy during her upcoming trip to China. The dominance of Chinese battery production and the expansion of its auto industry are highlighted, with China's filing of a WTO complaint against the US over electric vehicle subsidies mentioned.
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first woman to hold either post, and has also led the White House Council of Economic Advisers.Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and earned a Ph.D. in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 to 1976, was a staff economist for the Federal Reserve Board from 1977 to 1978, and was a faculty member at the London School of Economics from 1978 to 1980. Yellen is professor emeritus at the Haas School of Business and the University of California, Berkeley, where she has been a faculty member since 1980 and became the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics.Yellen served as a member of the Federal Reserve Board of Governors from 1994 to 1997 and was nominated to the position by President Bill Clinton, who then named her chair of the Council of Economic Advisers from 1997 to 1999. She subsequently returned to academia, before serving as president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 until 2010. Afterward, President Barack Obama chose her to replace Donald Kohn as vice chair of the Federal Reserve from 2010 to 2014 before nominating her to succeed Ben Bernanke as chair of the Federal Reserve three years later. She was succeeded by Jerome Powell after President Donald Trump declined to renominate her for a second term. Following her departure from the Federal Reserve, Yellen joined the Brookings Institution as a distinguished fellow in residence from 2018 until 2020, when she again went into public service.On November 30, 2020, President-elect Joe Biden nominated Yellen to serve as secretary of the treasury; she was confirmed by the U.S. Senate on January 25, 2021, and took office the next day.
Russian Foreign Minister Sergei Lavrov will visit Beijing to meet with Chinese Foreign Minister Wang Yi to discuss the Ukrainian crisis, the situation in the Asia-Pacific region, and bilateral cooperation within international organizations like the UN, BRICS, and G20. China, Russia's key ally, has proposed a peace plan for the conflict in Ukraine, which Kiev finds difficult to accept. Despite Western attempts to isolate Moscow, China remains a significant trade partner for Russia and supports a political settlement to end the fighting.
At the opening of the annual gathering of the National People's Congress, Chinese Premier Li Qiang announced an economic growth target of around 5% for 2024, similar to last year's target. In addition to the GDP target, China also unveiled a 7.2% increase in its military budget for 2024, reaching 1.67 trillion yuan ($230.6 billion). This announcement comes as China faces economic challenges including stabilizing the property sector, countering deflationary pressures, reversing a foreign capital exodus, and restoring confidence in the economy and stock market.
Li Qiang (Chinese: 李强; pinyin: Lǐ Qiáng; born July 1959) is a Chinese politician. He became the 8th premier of the People's Republic of China in March 2023, having been elevated to the second-ranking member on the Chinese Communist Party (CCP) Central Committee Politburo Standing Committee in October 2022. Li was the party secretary for Shanghai City from 2017 to 2022 where he pursued pro-business policies and handled the response to the COVID-19 pandemic.Li is considered part of the "New Zhijiang Army", the party faction of Xi Jinping, the CCP general secretary and top leader since 2012. The close relationship started in the mid-2000s when both held party positions in Zhejiang Province. Li is generally regarded by observers as pro-business and has voiced support for economic reforms.
Chinese Premier Li Qiang chaired a State Council executive meeting approving an action plan to promote large-scale equipment renewal and trade-in of consumer goods. The meeting focused on accelerating modern infrastructure development, enhancing the Yangtze River Delta's development, and amending laws, including agricultural technology promotion. Efforts include fiscal and financial support for equipment renewal in various fields, promoting trade-ins of consumer goods like automobiles and home appliances, and establishing recycling systems. The initiative aims to boost production capabilities, introduce high-quality durable goods, and drive innovation in key sectors.
The United States Secretary of the Treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council.Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, is confirmed by the United States Senate.The secretary of state, the secretary of the treasury, the secretary of defense, and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments.The current secretary of the treasury is Janet Yellen, who is the first woman to hold the office.
The Li Qiang Government, officially the 14th State Council of the People's Republic of China, is the Central People's Government of China from 2023. Premier Li Qiang took office on 11 March 2023 and it succeeded the Li Keqiang Government. Premier Li is ranked only second to General Secretary of the Chinese Communist Party Xi Jinping among 7 members of the 20th Politburo Standing Committee, the top decision-making body of the Chinese Communist Party (CCP).During the 1st Session of the 14th National People's Congress in March 2023, Li Qiang was appointed by President Xi Jinping to replace Li Keqiang as Premier of the State Council, China's head of government, according to the approval of the National People's Congress.According to the constitution of China, the President nominates the Premier of the State Council, and the Premier nominates the Vice-Premiers, State Councilors and Ministers. The nominations were approved by National People's Congress voting.
Indonesian President-elect Prabowo Subianto met with Chinese President Xi Jinping in Beijing and pledged to continue Indonesia's friendly policy towards China, emphasizing strong ties amid tensions in the South China Sea. Subianto plans to maintain a neutral stance between China and US allies like Japan and the Philippines. China is Indonesia's largest trading partner, investing in major infrastructure projects. Meanwhile, tensions between China and the Philippines persist over territorial disputes in the South China Sea, with the US expressing readiness to defend the Philippines in case of armed attacks.
Li Keqiang (Chinese: 李克强; pinyin: Lǐ Kèqiáng; 3 July 1955 – 27 October 2023) was a Chinese economist and politician who served as the premier of the People's Republic of China from 2013 to 2023. He was also the second-ranked member of the Politburo Standing Committee of the Chinese Communist Party (CCP) from 2012 to 2022. Li was a major part of the "fifth generation of Chinese leadership" along with Xi Jinping, the CCP general secretary.Born in Hefei, Anhui province, in 1955, Li initially rose through the ranks of Chinese politics through his involvement in the Communist Youth League of China (CYLC), serving as its first secretary from 1993 to 1998. From 1998 to 2004, Li served as the governor of Henan and the province's party secretary. From 2004 to 2007 he served as the party secretary of Liaoning, the top political office in the province. From 2008 to 2013, Li served as the first-ranked vice premier under then-premier Wen Jiabao, overseeing a broad portfolio which included economic development, price controls, finance, climate change, and macroeconomic management.Initially seen as a candidate for becoming the paramount leader, Li instead assumed the post of premier in 2013, and facilitated the Chinese government's shifting of priorities from export-led growth to a greater focus on internal consumption. During his term Li headed the State Council and was one of the leading figures behind China's Financial and Economic Affairs, Foreign Affairs, National Security and Deepening Reforms. Additionally, Li and his cabinet initiated the Made in China 2025 strategic plan in May 2015.Given his Youth League experience, Li was generally considered a political ally of former leader Hu Jintao and a member of the Tuanpai faction. Economically seen as advocating reform and liberalization, Li has been described as representing the more pragmatic and technocratic side of China's leadership. Li stepped down from the Politburo Standing Committee in October 2022 and was succeeded as premier by Li Qiang in March 2023. Li died in October 2023 from a heart attack, after leaving office just a few months prior.
Tonga's Prime Minister Siaosi Sovaleni expressed openness to China's offer of security assistance for the Pacific Islands Forum in August, dismissing US concerns. China aims to provide support for the event through training and equipment. The US and Australia are wary of growing Chinese influence in the region since Beijing's failed attempt at a security pact involving 10 Pacific Island nations. Australia aims to prevent external security involvement at the summit. US Secretary of State Blinken visited Tonga to bolster diplomatic ties amidst regional power struggles.
Chinese Premier Li Qiang emphasized the need for new progress and breakthroughs in constructing a unified national market to support the nation's new development paradigm and high-quality development. He highlighted leveraging China's market scale, production factors, and industrial system while addressing obstacles hindering economic flow. Premier Li urged for the removal of policies impeding fair competition, breaking down market access barriers, and enhancing mechanisms for intellectual property rights protection and fair competition. This initiative aims to establish a unified national market with improved regulations and support mechanisms.
The premier of the State Council of the People's Republic of China, commonly called the premier of China, is the head of government of China and leader of the State Council. The premier is the second-highest ranking person in China's political system, under the general secretary of the Chinese Communist Party (paramount leader)/president (state representative), and holds the highest rank in the civil service of the central government.The premier presides over the plenary and executive meetings of the State Council, and assumes overall leadership over the State Council's work. The premier also signs administrative regulations passed by the State Council and signs the orders approving the appointment and removal of deputy-ministerial level officials of the State Council, as well as chief executives of Hong Kong and Macau. The premier is assisted by four vice premiers and state councillors in their duties. In China's political system, the premier has generally thought to be the one responsible for managing the economy.The premier is constitutionally elected by the National People's Congress (NPC), and responsible to it and its Standing Committee. The premier serves for a five-year term, renewable once consecutively. Every premier has been a member of the Politburo Standing Committee since the PRC's founding in 1949, except during brief transition periods. The incumbent premier is Li Qiang, who took office on 11 March 2023, succeeding Li Keqiang.
Chinese manufacturers are flooding the market with solar panels, leading to a global oversupply and plummeting prices. This excess supply has caused solar panels to become so cheap that they are now being used to line fences in countries like Germany, the Netherlands, the UK, North America, and Australia. US Treasury Secretary Janet Yellen is set to address the overcapacity issue during her trip to China, highlighting concerns over unfair trade practices and global economic consequences.
Treasury Secretary Janet Yellen discusses inflation risks, taxes and credit card debt in an exclusive interview with FOX Business. The United States is almost certainly on an unsustainable path with regard to the astronomic rise in its national debt, according to a million simulations run by Bloomberg. Bloomberg reported Tuesday that it conducted a million simulations on the U.S. debt outlook and found 88% of them show borrowing is on an "unsustainable path.
Treasury Secretary Janet Yellen expressed strong public support for unlocking approximately $300 billion in frozen Russian Central Bank assets to aid Ukraine's reconstruction amid the ongoing war with Russia. The US and its allies have frozen these Russian assets in response to Moscow's invasion of Ukraine. Yellen's proposal aims to use these immobilized funds to pressure Russia to negotiate a peaceful resolution. The European Union has also taken steps to address windfall profits from these assets. There are concerns about the potential impact on global finance and the dominance of the US dollar. Alternative solutions include issuing bonds backed by seized assets.
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