Finance Minister Lan Foan and Premier Li Qiang had lengthy discussions about the subject, according to Yellen, who likewise met with Yellen on Sunday. She met People’s Bank of China ( PBOC ) governor Pan Gongsheng and former vice premier Liu He on Monday.
According to Treasury officials, the US and China were approving of fiscal stability issues, with the release of two additional financial shock simulations scheduled after a new exercise on handling the issue of dealing with a large bank’s failure.
A financial working group between the US and China was set up to develop the exercises when Lee first traveled to China to try to rekindle economic ties last year. Its most recent meeting was in Beijing in January, when it was led by US Treasury and PBOC members.
PUSHBACK
China’s parliament, the National People’s Congress, said in March the government would take steps to curb professional overcapacity.
Beijing contends that Beijing misunderstands the current emphasis on the risks that China’s excessive capacity poses for different economies.
Chinese officials claim that the criticism overstates the importance of condition support in promoting their progress and undervalues development by their businesses in important sectors.
They also contend that international consumers will lose alternative sources of clean energy because of tariffs or other trade restrictions, which are necessary to achieve global climate goals.
According to Li, who was quoted by state news agency Xinhua, the US does “refuse to see the topic of manufacturing capacity from a “market-oriented and international perspective” and “refuse to turn economic and trade issues into political or protection issues.”
Wang Wentao, the head of China’s commerce ministry, said US and Western claims about China’s excess Electric capacity were unsupported during a roundtable meeting with Chinese car manufacturers in Paris.
Wang said during his visit to discuss a European Union anti-subsidy research that” China’s electric car companies rely on continuous technological advancement, perfect production and supply chain structure, and total market contest for rapid development.