Yellen highlights tensions over China's overproduction of green technology ahead of G7 meeting
Date
5/22/2024 3:56:12 AM
(MENAFN) US Treasury Secretary Janet Yellen emphasized on Tuesday that the issue of Chinese overproduction in key environmentally friendly technologies will be a central topic at the upcoming G7 finance ministers' meeting. Speaking in Frankfurt, Yellen noted that China's output in sectors such as electric vehicles, batteries, and solar panels significantly surpasses global demand. She warned that this overcapacity poses a serious threat to the development of clean energy industries worldwide.
Yellen highlighted that this concern will be a primary focus at the G7 meetings scheduled to take place in Stresa, Italy, later this week. The finance ministers from the Group of Seven industrialized nations will convene on Thursday to discuss this and other pressing economic issues. The US is particularly worried that Chinese government support for these industries leads to an excess of production that global markets cannot absorb, resulting in a surge of cheap exports that undermines growth in other countries.
During her speech, Yellen disclosed that she had directly communicated these concerns to her Chinese counterparts during her visit to China last month. She affirmed that both she and President Joe Biden are committed to protecting American workers and companies from the adverse effects of what they view as unfair Chinese economic practices. Yellen stressed the importance of fostering robust and environmentally sustainable technology sectors, not only in China but globally, including in the United States and Europe. The goal is to ensure that innovation and manufacturing thrive in diverse regions rather than being concentrated solely in China.
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