KEY TAKEAWAYS
- U.S. Treasury Secretary Janet Yellen said Friday that concerns are growing over the global economic fallout from China’s excess manufacturing capacity.
- She also criticized China’s government for the “unfair” treatment of American and other foreign companies.
- Yellen called on Beijing to return to the pro-market reforms of the past.
U.S. Treasury Secretary Janet Yellen said on Friday that concerns are growing over the global economic fallout from China’s excess manufacturing capacity as she kicked off a four-day visit there.
“Overcapacity can lead to large volumes of exports at depressed prices,” she said in a speech in the southern city of Guangzhou, noting that overcapacity would undercut American businesses, as well as those globally, including those from India and Mexico. “And it can lead to over concentration of supply chains, posing a risk to global economic…