Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Factions' statement: The attendees agreed to support and continue implementing the ceasefire agreement measures, including the withdrawal of the occupation and lifting the siege.
Factions' statement: Calling for an end to all forms of torture and violations against prisoners in occupation prisons and the necessity of obligating the occupation to do so.
Statement: The current moment is crucial, making the meeting a true turning point toward national unity in defense of our people and their right to life, dignity, and freedom.
Factions' statement: Call for an urgent meeting of all Palestinian forces and factions to agree on a national strategy.
Factions' statement: Continuing joint work to unify visions and positions to confront the challenges facing the Palestinian cause.
Statement of the factions: Emphasis on the unity of the Palestinian political system and the independent national decision.
Statement: Approval to establish an international committee to oversee the financing and implementation of the reconstruction of the Gaza Strip.
Statement: The committee is responsible for managing life and services in cooperation with Arab brothers and international institutions, based on transparency and accountability.
Resistance factions' statement: Agreement to hand over the administration of the Gaza Strip to a temporary Palestinian committee of independent technocrats.
Al Mayadeen's correspondent: Two people martyred in the Israeli airstrike that targeted a vehicle in Toul.

China's 'unfair trade practices' hamper Sino-US economic ties: Yellen

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Jun 2024 22:28
4 Min Read

Yellen claimed China stands out globally due to its exceptionally high saving rate, ranging from 45% to 50% of its gross domestic product over approximately two decades.

Listen
  • x
  • Treasury Secretary Janet Yellen speaks to the Economic Club of New York luncheon, in New York, Thursday, June 13, 2024. (AP)
    Treasury Secretary Janet Yellen speaks to the Economic Club of New York luncheon, in New York, Thursday, June 13, 2024. (AP)

At an event held in New York on Thursday, US Treasury Secretary Janet Yellen said that China's alleged "unfair trade practices" were impeding efforts to build solid Sino-US economic relationships.

In a speech delivered to the New York Economic Club, the treasury official said that China's practices — ranging from restrictive investment policies to alleged economic coercion — were breaching fair competition, warning, "If China continues on this path, I fear that its policies may interfere significantly with our efforts to build a healthy economic relationship."

Of particular concern were Beijing's "enduring macroeconomic imbalances," she said.

Yellen said that China stands out globally due to its exceptionally high saving rate, ranging from 45 to 50 percent of its gross domestic product over approximately two decades. This rate is double that of the average economy within the 38-member Organization for Economic Co-operation and Development (OECD), which comprises some of the world's most dynamic economies.

These elevated savings indicate a lack of adequate domestic consumption demand and pose the risk of expanding China's external surplus. This surplus is channeled into manufacturing, leading to overcapacity in specific industries with unusually high investment rates.

Read more: US to raise tariffs on $18 bn of China imports including chips

Yellen noted that this issue extends beyond China and has global implications, particularly affecting the US.

China's rapid growth cannot occur without causing displacement on a global scale, The secretary noted.

Related News

EU backs Italian pasta-makers in pasta war with US

China backs WTO reform by dropping developing country benefits

Consequently, China cannot expect the US and other nations to absorb large quantities of excess production without adversely affecting domestic industries in those countries, Yelen said.

"This overcapacity threatens American firms and workers, along with those around the world. We saw in the past how overcapacity can decimate businesses here at home," the Treasury secretary said. "We are now seeing the risks of that happening again, in key industries that matter to our long-term growth, such as electric vehicles, lithium-ion batteries, and solar, but also across a range of manufacturing industries."

Yellen noted the difficulty in accurately quantifying the extent of China's subsidies and industrial policies due to an alleged lack of transparency. "But even conservative estimates suggest that they far exceed that of other countries, which is why we see economies ranging from advanced to emerging markets launch trade investigations," she said.

Yellen cautioned that China's overcapacity poses a risk of artificially concentrating US supply chains, which could lead to additional security and economic concerns. "I have heard these concerns from American and foreign businesses," she added.

Yellen affirmed her commitment to persistently addressing her concerns with Beijing's leadership, and outlined the US' strategy of "friendshoring," which involves strengthening connections with various trusted partners and allies for the purposes of diversifying supply chains and foster the long-term growth of the US private sector.

China files complaint at WTO

Earlier today, the Associated Press reported that China lodged a complaint with the World Trade Organization against the US over discriminatory requirements for electric vehicle subsidies.

The US implemented a new rule on January 1, which disqualifies electric car buyers from tax credits if critical minerals or battery components are sourced from Chinese, Russian, DPRK, or Iranian companies.

These tax credits are part of Joe Biden's climate legislation, known as the 2022 Inflation Reduction Act.

The Chinese Commerce Ministry criticized the US for formulating discriminatory subsidy policies under the act, which it claims exclude Chinese products, distort fair competition, and disrupt the global supply chain for new energy vehicles.

Read more: China warns of WTO lawsuit amid EU's electric car import restrictions

  • World Trade Organization
  • trade war
  • China
  • Janet Yellen

Most Read

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • Today
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Children walk along a sidewalk, Thursday, June 15, 2017 in New York. (AP)
Health

Could AI extend lifespans while fueling despair and joblessness?

milei
Politics

Milei faces sharp drop in approval rating ahead of midterm elections

Israeli settlers set fire to Palestinian vehicles in Deir Dibwan, near Ramallah, during a pre-dawn raid. (social media)
Politics

Israeli settlers torch three Palestinian cars near Ramallah

Binance founder Changpeng Zhao is seen leaving his court sentencing in 2024. (AFP)
Economy

Trump pardons Binance founder Changpeng Zhao

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS