Posted 3/27/2024, 10:48:06 PM
Yellen Cautions China on Industrial Overcapacity Ahead of Beijing Trip
- Yellen warns China's industrial push could destabilize global economy and hurt US firms
- China incentivizing big investment in manufacturing, including clean energy
- China's ballooning clean energy industry accounted for 40% of country's economic growth last year
- But oversupply of cheap solar panels and EVs risks flooding and distorting global markets
- Yellen plans to directly address Chinese overcapacity and unlevel playing field on upcoming trip to China
