China’s industrial policy has a record of causing ‘substantial overinvestment’, Ms Yellen says. She cited aid to industries including steel and aluminum.
| US Treasury Secretary Janet Yellen has slammed China’s use of subsidies to give its manufacturers in key new industries a competitive advantage, at the cost of distorting the global economy, and said she plans to press China on the issue in an upcoming visit.
“It’s important for the Chinese to understand why we have a concern,” she said. “But I don’t want to get to retaliation. We want to see what we can do that’s constructive.”China’s industrial policy has a track record of causing “substantial overinvestment”, Ms Yellen said in remarks prepared for delivery during her trip. She cited aid to industriesthat supported China’s production and employment “but forced industry in the rest of the world to contract”.
The European Commission launched a probe in October into whether Chinese government subsidies had given its manufacturers an unfair advantage., citing new proof China is providing illegal financial support for the industry. Brazil has also launched several anti-dumping inquiries. Suniva’s revived fortunes are due in part to incentives from the Inflation Reduction Act and its measures to “onshore clean energy manufacturing”, Ms Yellen said.
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