During a five-day visit to China, U.S. Treasury Secretary emphasized the importance of a level playing field for American companies and workers. She highlighted the need for open communication on areas of disagreement, particularly addressing concerns about China's industrial overcapacity and its potential global impact.
This visit marks the first Cabinet-level official engagement between the two countries since President Joe Biden's meeting with Chinese leader Xi Jinping in November. The Secretary's agenda includes discussions on what the U.S. views as unfair trade practices by China, a sentiment echoed by several European nations.
Starting her trip in Guangzhou, a key industrial and export hub in Guangdong province, the Secretary met with local officials and business representatives from the U.S., Europe, and Japan to gather insights and concerns ahead of anticipated tough talks with Chinese government officials in Beijing.
Experts anticipate that the Secretary will advocate for fair competition in emerging technology sectors, such as green energy and electric vehicles, and seek improved market access for U.S. companies. The issue of China's overcapacity and its impact on global trade dynamics is expected to be a focal point of the discussions.
While China has defended its growth in electric vehicle and solar exports as beneficial for global green development, it has faced criticism from the U.S. and Europe over concerns of unfair trade practices. The Chinese Foreign Ministry spokesperson accused the U.S. of impeding free trade by restricting technology exports to China, highlighting ongoing tensions between the two economic powerhouses.
As the discussions progress, both sides will seek to address trade imbalances and promote fair competition in key sectors, with the hope of fostering a more equitable economic relationship between the U.S. and China.
