“We have been clear with China that we see Russia as gaining help from items that China, Chinese language corporations are supplying to Russia,” Yellen informed journalists in Guangzhou.
“Neither of us need this to be a difficulty with our bilateral relationship. So we’re working collectively,” she added.
Since Russia’s invasion of Ukraine started, Beijing’s ties with Moscow have change into even stronger than earlier than the battle, with commerce between the 2 international locations greater than doubling from $108 billion in 2020 to $240 billion in 2023 — making Russia China’s Tenth-largest buying and selling accomplice final yr.
China can also be making an attempt to increase its market share of products shipped to Europe and the U.S. — so Beijing has an curiosity in sustaining good relations with the West too. However the U.S. is more and more fearful in regards to the low-cost electrical autos, batteries and different applied sciences flooding the American market regardless of Washington’s subsidies to its personal business, which is affected by the Chinese language competitors.
Yellen’s talks in China on Friday and Saturday have been held to “facilitate a dialogue round macroeconomic imbalances, together with their connection to overcapacity,” Yellen mentioned in an announcement. “I intend to make use of this chance to advocate for a degree taking part in area for American employees and corporations,” she added.
Xie Feng, China’s ambassador to the U.S., responded that the declare of overcapacity is “untenable” as a result of “globally, high-quality industrial capability and new-quality productive forces should not extreme, however in dire shortage,” he mentioned in a post on X defining it as “a very good factor” that China “will help the worldwide group attain the United Nations 2030 Agenda for Sustainable Improvement and Paris Settlement targets.”