China Defends Manufacturing Push, Says World Needs More EVs
- Yellen criticizes China’s industrial model and capacity again
- Vice Finance Minister Liao says Chinese output helps world
China is facing rising trade barriers in developed economies such as the US and European Union, which have been complaining about the excess output and its impact on their industrial sectors and companies.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s manufacturing capacity is helping the world fight climate change and contain inflation, said Vice Finance Minister Liao Min, pushing back against US Treasury Secretary Janet Yellen’s latest criticism of the nation’s industrial excess.
“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Liao said in an exclusive interview in Rio de Janeiro, where he attended this week’s meeting of G-20 finance ministers and central bank governors.