U.S. Treasury Secretary Janet Yellen Calls for Cooperation with China on Global Challenges

During her visit to China, U.S. Treasury Secretary Janet Yellen called on the Chinese government to address overproduction in key industries, emphasizing the risks it poses to the global economy, including that of Mexico. Yellen highlighted the importance of seeking progress on global challenges such as climate change and debt overhang in emerging markets, as well as addressing concerns like overcapacity and economic practices related to national security.

Yellen expressed concern over the increase in production capacity in certain sectors in China due to government support for national companies, which has led to unfair practices and risks for American companies and workers. She reiterated the need for close communication between the two largest economies and emphasized the importance of addressing global challenges together.

During her meetings with high-ranking Chinese officials, Yellen underscored the importance of cooperation and communication between the U.S. and China to promote a healthy economic relationship and address global challenges together. Her visit included discussions on strengthening economic and commercial ties between the U.S. and China, reflecting the growing bilateral trade volume that reached $649.7 billion in 2023.

Yellen’s visit also highlighted ongoing dialogue between the two countries on economic issues, including addressing concerns over overcapacity, unfair economic practices, and other challenges facing both nations.

Overall, Yellen’s visit to China underscores the need for continued cooperation between two major economies to address global challenges together and promote a healthy economic relationship between them.