US Treasury Secretary Janet Yellen recently completed her second trip to China, where she addressed American worries about Chinese overproduction, cautioned against supporting Russia, and drew attention on Chinese social media for her travel style and chopstick skills. Yellen's visit aimed to tackle escalating trade disputes between the US and China, especially regarding China's excessive exports of state-subsidized electronic vehicles (EVs), solar panels, and batteries, which pose a threat to American jobs and businesses. The issue of Chinese overcapacity in industries like EVs and solar panels is a significant global concern.
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.
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.
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.
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 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.
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.
The accusations of "overcapacity" in China's electric vehicle industry from the United States and Europe are baseless, and the Chinese government will actively support its companies in protecting their legitimate rights and interests, said China's top commerce official in Paris. During his meeting in the French capital on Sunday with representatives from the China Chamber of Commerce to the EU, as well as over 10 companies from automotive and related sectors operating in Europe including Geely, SAIC Motor, BYD and Contemporary Amperex Technology Ltd, Chinese Commerce Minister Wang Wentao said that the rapid development of Chinese EV companies is based on continuous technological innovation, a well-established supply chain system and market competition, rather than relying on subsidies, according to an online statement released by the Ministry of Commerce on Monday. Chinese business leaders introduced the situation related to investment and operation in Europe and the response to the European Union's anti-subsidy investigation on EVs at the meeting. The meeting focused on discussions regarding Chinese companies optimizing their global layout and deepening practical cooperation in the EV industry between China and Europe. Wang highlighted the significant contribution of China's EV industry to the global response to climate change, and green and low-carbon transition.
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.
Xiaomi, a major smartphone maker in China, launched its first line of electric vehicles (EVs) called the Speed Ultra 7 (SU7) at a lower price than Tesla's Model 3. The company received 50,000 firm orders within 30 minutes of the launch. Xiaomi's CEO, Lei Jun, achieved this feat just three years after entering the EV sector. Xiaomi's partnership with the Beijing Automotive Group has allowed quick access to manufacturing permits to produce around 200,000 EVs annually. The EV market in China is competitive, but Xiaomi aims to target the upper end of the market.
BYD and Tesla faced weak first-quarter sales in China as demand for electric cars globally appears to be slowing, with China's Passenger Car Association projecting a 25% increase in new-energy vehicle sales to 11 million this year, a drop from last year's 36% growth. Tesla's market share in China has decreased to around 7% as local rivals like BYD offer cheaper options. Tesla's decision to hold prices steady has backfired, leading to missed delivery forecasts. Analysts are lowering price targets for Tesla amid declining demand worldwide.
Economist Nicholas R. Lardy argues that China has the potential for significant growth in the coming years, likely to outpace the United States. Adjusting for inflation, China's GDP growth exceeded the US. Lardy refutes misconceptions about China's internal spending and investment collapse fears. Despite challenges, renowned economist Huang Yiping predicts China's economy will improve, with a growth target of around 5% for 2024 achievable. Efforts to boost recovery, stabilize employment, and stimulate consumption are emphasized, with a focus on increasing productivity and innovation for sustained growth.
Transportation Secretary Pete Buttigieg dismisses criticism of the Biden administration's efforts to promote electric vehicles (EVs), likening the resistance to the transition from landline phones to cell phones. He emphasizes the increasing shift towards EVs in the automotive sector and the importance of the U.S. staying ahead of China in EV manufacturing. Buttigieg acknowledges challenges such as costs and charging station power sources but highlights the efficiency and long-term benefits of EVs. At least eight states plan to ban the sale of new gas-powered cars by 2032, aligning with the federal goal of phasing out gas cars by 2032.
By Toby Sterling AMSTERDAM (Reuters) - The U.S. government has called on allies to force computer chip manufacturing equipment companies to stop maintaining some of the tools they have sold in China, part of Washington's efforts to undermine China's ability to produce its own advanced computer chips. As the largest maker of chipmaking equipment globally, ASML of the Netherlands is in focus. Here are questions and answers about the scope of the issue and what is at stake for the U.
Recent clashes in the South China Sea involve the Philippines accusing China of harassing Filipino fishing vessels in the disputed waters, escalating tensions. The Philippines claims two Chinese coastguard ships harassed Filipino fishermen in its exclusive economic zone, with reported threats using water cannon. President Ferdinand Marcos Jr has taken a tough stance against Chinese aggression and is strengthening ties with the US, Japan, and Australia through joint military drills in response to China's assertiveness in the region.
Liam Sawyer bought a red Ford Mustang Mach-E and used a newly opened public charging station in London, Ohio, funded by the National Electric Vehicle Infrastructure program. The program, part of the bipartisan infrastructure bill signed by President Joe Biden, aims to create a national network of 500,000 publicly available chargers by 2030, with stations opened in Ohio, New York, Pennsylvania, and Hawaii. Biden's goal is to encourage the transition from gasoline-powered vehicles to EVs to reduce global warming.
State-owned China Construction Bank (Asia) filed a winding-up petition against Shanghai-based Shimao Group in Hong Kong for failing to repay loans worth HK$1.58bn ($201.8m). Shimao intends to vigorously oppose the petition and continue offshore restructuring efforts. The company's debt issues stem from a bond default in July 2022. The Chinese real estate sector's troubles began with government restrictions on developer borrowing in 2020, leading to numerous defaults. Major developers like Evergrande and Country Garden have also faced liquidation petitions and debt challenges, impacting China's economy significantly.
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.
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.
STARLET WANG/FOR CHINA DAILY China and ASEAN countries should maintain positive interactions on the South China Sea issue Relations between China and the Philippines have become increasingly tense because of the strengthening of the alliance between the United States and the Philippines and the shift in the South China Sea policy of the Ferdinand Marcos Jr administration. This has once again put the South China Sea in the spotlight. The US views the Southeast Asian region, especially the South China Sea, as a vital support for advancing its "Indo-Pacific "strategy. It is trying to exploit the differences between the Association of Southeast Asian Nations claimant states and China on the South China Sea issue to influence the actions of ASEAN claimant states and the interactions between China and ASEAN. In this context, ASEAN claimants are also calculating their own interests and choices, such as the Philippines strengthening its alliance with the United States and defense cooperation with Japan and Australia, frequently staging provocations at Ren'ai Reef, Huangyan Island and Tiexian Reef; Vietnam advancing naval cooperation and defense exchanges with the United States; and Indonesia starting strategic dialogues and expanding joint military exercises with the United States.
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.
Microsoft has warned that China plans to disrupt elections in the US, South Korea, and India using AI-generated content, after testing the tactic in Taiwan's presidential election. Chinese state-backed cyber groups, along with North Korea, will target high-profile elections in 2024 by creating and distributing AI-generated content through social media. The impact of AI-made content is currently minor, but China's increasing experimentation with augmented memes, videos, and audio may become more effective over time. North Korea's involvement is focused on generating revenue through cyber activities like stealing cryptocurrency funds.
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