US Treasury Secretary Janet Yellen called China’s growing production of solar energy, electric vehicles and lithium batteries “unfair competition that distorts global prices.”
Yellen, who is planning a second tour of China as finance manager for President Joe Biden’s government, said today that she will convey her views to her Chinese counterpart, in particular that China’s growing production of ‘green’ energy also poses risks. “for the productivity and growth of the Chinese economy”.
As a result, it announced that it would “pressure” the Chinese counterpart “to take the necessary steps to resolve the matter.”
China is the dominant player in electric vehicle batteries and has a rapidly expanding automotive industry that could challenge established producers as it internationalizes.
The International Energy Agency, an intergovernmental organization based in Paris, pointed out that in 2023 China accounted for around 60% of global electric car sales.
Tags: Yellen criticizes China unfair industrial competition distorts prices Americas
