Janet Yellen, the U.S. Treasury Secretary, was expected to land in China for a four-day meeting with Chinese officials. It represents her second visit since the summer as the U.S. and China look to enhance communication amidst a strained relationship. Yellen is also expected to visit the southern city of Guangzhou, a hub for China’s export, and the capital city, Beijing.
On Friday, April 5, Yellen was slated to meet with Vice Premier He Lifeng, Guangdong Governor Wang Weizhong, economic experts, and AmCham China business representatives. The meetings with Vice Premier He Lifeng were scheduled to continue on Saturday, April 6. The following day, she planned meetings with Premier Li Qiang, Finance Minister Lan Fo’an, Beijing mayor Yin Yong, leading Chinese economists, and Peking University students and professors. On Monday, April 8, she was set to meet former Vice Premier Liu He and People’s Bank of China Governor Pan Gongsheng.
Accroding to the Treasury department, Yellen plans to address unfair trade practices and underscore the global economic implications of China’s industrial overcapacity. China’s focus on strengthening its manufacturing capabilities has led Chinese companies to undercut prices compared to manufacturers in other countries.
Her visit also encompasses meetings in Guangdong, the top province in China by value of exports, according to Wind Information. The province exported nearly 5.4 trillion yuan ($750 billion) in manufactured products in the previous year, with equipment making up two-thirds of the total, according to Tu Gaokun, director of Guangdong’s industry and information technology department.
Yellen’s meetings in China also focus on expanding cooperation on countering illicit finance to progress joint efforts against criminal activity such as drug trafficking and fraud. The Treasury asserts that Yellen would also discuss strengthening financial stability, tackling climate change, and resolving debt distress in developing nations. This visit marks Yellen’s third meeting with Vice Premier He Lifeng. Yellen is also set to meet He Lifeng later in the same month at the International Monetary Fund and World Bank Group spring meetings in Washington, D.C. He Lifeng is also the Director of the Office of the Central Commission for Financial and Economic Affairs.
U.S. Treasury Secretary Janet Yellen arrived in China for four days of meetings with top Chinese officials. This is her second visit to China since the summer, with an objective to strengthen the communications between the two countries. The trip will cover Guangzhou, the capital of Guangdong, China’s export-heavy province, and Beijing, the national capital.
Her meetings include Vice Premier He Lifeng, Guangdong Governor Wang Weizhong, financial experts, AmCham China business representatives, Premier Li Qiang, Finance Minister Lan Fo’an, Beijing mayor Yin Yong, Chinese economists, Peking University’s staff and students, former Vice Premier Liu He, and the People’s Bank of China Governor Pan Gongsheng.
The primary discussion points are expected to be unfair trade practices and the global economic implications of Chinese industrial overcapacity; China’s heavily subsidized manufacturing industry has allowed Chinese companies to sell products like solar panels at significantly reduced prices. This has caused global tension, particularly with the European Union, whose Chamber of Commerce President predicts trade tensions with China will increase.
Guangdong, where a large part of the meetings will take place, is China’s top province in terms of export value. Its export of manufactured goods amounted to CNY 5.4 trillion ($750 billion) in the previous year, as stated by Tu Gaokun, director of Guangdong’s industry and infrastructure technology department.
In addition to trade, Yellen will focus on countering illicit finance, criminal activity such as drug trafficking and fraud, improving financial stability, addressing climate change, and resolving debt issues in developing nations during her meetings.
Yellen’s meetings with Vice Premier He Lifeng are part of ongoing discourse between the two. They are further set to meet in Washington, D.C., at the International Monetary Fund and World Bank Group’s spring meetings.
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