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BEIJING — Janet Yellen, the U.S. Treasury Secretary, embarked on her first full day of official meetings in China by addressing concerns about industrial overcapacity and advocating for market-oriented reforms.
Yellen arrived in Guangzhou, southern China, late on Thursday and is scheduled to travel to Beijing on Saturday, where she will remain until Tuesday.
This visit marks her second trip to China as Treasury Secretary. Prior to her meeting with Vice Premier He Lifeng on Friday, Yellen held discussions with Wang Weizhong, the governor of Guangdong province, where Guangzhou is situated.
In her prepared remarks for the meeting with Wang, Yellen stressed the significance of a mutually beneficial economic relationship between the two countries.
She emphasized the need for a fair playing field for American workers and companies, as well as transparent and direct communication on areas of disagreement, such as China's industrial overcapacity, which can have global repercussions.
According to a report by the U.S.-based consulting firm Rhodium Group, Chinese government support for manufacturing has led to an excess of production capacity, surpassing domestic demand. Many Chinese companies are relying on foreign markets to offset lower prices and margins in the domestic market.
Rhodium Group highlighted Beijing's acknowledgment of the issue and its call for more guidance in investment to tackle overcapacity.
The report suggested that solutions may involve phasing out obsolete capacity and allowing uncompetitive companies to exit the market, while supporting capacity expansion, innovation, and exports in other sectors.
Guangdong, a major contributor to China's economic growth, is home to Shenzhen, a key hub for technology companies and startups. Yellen praised Guangzhou for its past market-oriented reforms that contributed to China's economic development, noting its continued importance as a hub for technology and manufacturing.
China, the world's second-largest economy, has experienced a slowdown due to crackdowns on debt reliance in property development and alleged monopolistic practices by internet platform companies. Uncertainty about Beijing's policies has impacted business and investor sentiment.
Nicholas R. Lardy, a senior fellow at the Peterson Institute for International Economics, wrote that China is expected to continue significantly contributing to global economic growth, particularly in Asia.
He cautioned against underestimating China's economic influence, as it could lead U.S. policymakers to overestimate their ability to sustain economic and security ties with Asian partners.
Yellen's visit to China comes as both governments seek to improve communication amid escalating tensions. President Joe Biden and Chinese President Xi Jinping spoke by phone for the first time since their November meeting.
Vice Commerce Minister Wang Shouwen visited the U.S. for trade talks, following the announcement of regular meetings between working groups after Yellen and Commerce Secretary Gina Raimondo's visit to China last year. Secretary of State Antony Blinken is expected to visit China this year after a delayed trip in June 2023.