Senior US and Chinese officials hold talks on ‘industrial overcapacity’ and anti-money-laundering

Name: Yellen ends China trip with stark warning
Uploaded: 2024-04-16T21:45:12.000Z
Description: Yellen ends China trip with stark warning

Treasury chief Janet Yellen attends exchanges marking fourth meetings of economic and financial working groups between Beijing and Washington

‘I continue to believe that addressing overcapacity and broader macroeconomic imbalances can help China’s own economy,’ she says

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US Treasury Secretary Janet Yellen speaks during a press conference amid the IMF-World Bank Group spring meetings at the Treasury Department in Washington on Tuesday. Photo: AFP

Bochen Hanin Washington

Published: 5:45am, 17 Apr 2024

Senior finance and economic officials from the US and China held talks under recently launched exchanges on “industrial overcapacity” and anti-money-laundering in Washington on Tuesday.

The fourth meetings of the Economic and Financial Working Groups between China and the United States included discussions on “balanced growth”, a new US-China dialogue to address what Washington considers China’s excess industrial capacity for electric vehicles, solar panels and other clean-energy goods.

They also included the first joint exchange on anti-money-laundering, conducted under the auspices of the financial working group. Both initiatives were announced earlier this month during US Treasury Secretary Janet Yellen’s trip to China.

Yellen attended the working group meetings on Tuesday, which took place on the sidelines of the International Monetary Fund and World Bank spring meetings. She was joined by Liao Min, China’s finance vice-minister, and Xuan Changneng, deputy governor of the People’s Bank of China, Beijing’s central bank.

Yellen ends China trip with stark warning

In remarks delivered ahead of the meetings, Yellen said she was focusing on “intensifying communication” with China at US President Joe Biden’s direction.