Yellen Calls for United Front on Chinese Industrial Overcapacity
- Treasury chief says many countries threatened by China exports
- Remarks come at opening of G-7 meeting in Stresa, Italy
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Treasury Secretary Janet Yellen said it’s critical for the US and Europe to present a clear and united front against Chinese industrial overcapacity, as she warned of the global impact of Beijing’s macroeconomic imbalances.
In remarks ahead of a meeting of Group of Seven finance ministers and central bank governors in Stresa, Italy, Yellen reiterated US concerns over China’s export-oriented industrial policy. She stressed that other advanced economies, including Germany and the European Union more broadly, have raised the same issue in recent meetings with China’s leadership.