‘We need to have a level playing field,’ the Treasury Secretary told reporters en route to China, where she will press counterparts on the build-up of industrial overcapacity.
| Treasury Secretary Janet Yellen suggested the US would not discount protecting new industrial sectors against China to counter massive state investments by Beijing in areas including clean energy.
She added: “It’s not just the United States but quite a few countries, including Mexico, Europe, Japan, that are feeling the pressure from massive investment in these industries in China.” Still, it appears to be difficult for the two countries to strike a balance between competition and antagonism.to court them on investing in China. Meanwhile, Mr Biden last year issued an executive order that instructed an inter-agency committee, chaired by Dr Yellen, to closely monitor US investment in China related to high-tech manufacturing.
Chinese leaders have been pouring money into relatively new industries such as electric vehicles, batteries and renewable energy, in a search for new sources of growth for the country’s slowing economy.
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