Yellen Visits China to Address Concerns Over Industrial Overcapacity
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Yellen arriving in China to deliver message that China is overproducing goods like EVs, solar panels, semiconductors, pressuring global prices and producers.
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China doubling down on investments in high-tech manufacturing capacity despite overproduction concerns.
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Excess auto production capacity estimated at 10 million vehicles a year, 2/3 of North America's output.
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Solar panel overproduction pushed prices 42% lower last year, 60% below US products. China could build 861GW capacity in 2023, over 2x current global installations.
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Chinese officials expected to push back that excess capacity results from unexpected downturns in demand, not deliberate overproduction.