Yellen Presses China on Industrial Overcapacity and Transparency, Though Talks Yield Some Common Ground
• Yellen pushed China to address overcapacity in industries like electric vehicles and solar panels, warning of impacts on U.S. workers and firms
• Chinese officials pushed back against overcapacity claims, while seeking to avoid "politicizing" economic issues
• The countries established an anti-money laundering cooperation mechanism seen as an area of common ground
• Yellen had "difficult conversations" with China on national security issues and urged more transparency
• While the talks were described as productive, tensions persist in the relationship on economic and security fronts