- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
- World number 2 Alcaraz knocked out of Shanghai Masters by Machac
- Leaders of Egypt, Eritrea, Somalia meet amid regional tensions
- Klopp's Red Bull decision 'ruined life's work' say Dortmund fans
- Han Kang wins South Korea's first literature Nobel
- S. Korea's Nobel winner Han Kang a modest, thought-provoking writer
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- The almost impossible job: Beating Rafael Nadal at the French Open
- New French government faces key test with budget plan
- Rescuers say Israeli strike on Gaza school kills 28
- Italy's ex-world champion gymnast Ferrari announces retirement
- Zelensky talks 'victory plan' in meeting with Starmer, Rutte
- South Korea's Han Kang wins literature Nobel
- Federer lauds retiring Nadal's 'incredible achievements'
- Ikea posts fall in annual sales after lowering prices
- Australia beat China 3-1 to resurrect World Cup campaign
- Stock markets diverge, oil gains after China rebounds
- Nadal defied injury woes in record-breaking career
- Nadal v Djokovic, French Open, 2006: Chapter One in epic rivalry
- World can't 'waste time' trading climate change blame: COP29 hosts
CMSC | 0.16% | 24.56 | $ | |
NGG | 0.21% | 65.765 | $ | |
BTI | -0.68% | 35.24 | $ | |
RYCEF | 0% | 6.9 | $ | |
BP | 1.05% | 32.32 | $ | |
RELX | -0.61% | 46.425 | $ | |
AZN | -0.94% | 76.785 | $ | |
GSK | -2.61% | 39.215 | $ | |
RIO | 0.13% | 66.435 | $ | |
RBGPF | 4.03% | 63.35 | $ | |
SCS | -3.49% | 12.59 | $ | |
BCC | -1.69% | 140.02 | $ | |
CMSD | 0.08% | 24.7 | $ | |
JRI | -0.05% | 13.214 | $ | |
VOD | -0.46% | 9.685 | $ | |
BCE | -1.54% | 32.805 | $ |
Yellen in China calls for 'level playing field' for US firms
US Treasury Chief Janet Yellen called on Friday for a "level playing field" between American and Chinese companies, telling officials during a visit to southern China that Beijing's industrial subsidies threatened that balance.
Yellen arrived in the city of Guangzhou on Thursday for four days of talks with Chinese officials on what is her second visit to the world's number two economy in less than a year.
Meeting Friday morning with the governor of Guangdong -- a vast province emblematic of the reforms and development that drove China's breakneck growth -- she said the US was committed to a "healthy economic relationship".
But, she stressed, that required "a level playing field for American workers and firms", as well as "open and direct communication on areas where we disagree".
"This includes the issue of China's industrial overcapacity, which the United States and other countries are concerned can cause global spillovers," she said.
Yellen has warned that China's huge subsidies for technology like green energy, EVs and batteries risk creating an excess of goods that then flood global markets -- undercutting American and other countries' firms.
Beijing has dismissed those concerns, last month condemning an EU probe into its subsidies for EVs as "protectionism" and part of a Western effort to politicise international trade.
Washington's worries about a flood of exports come as US President Joe Biden pushes to boost domestic manufacturing in clean energy -- with policymakers warning that China's excess capacity could harm the growth of those industries.
The Biden administration is very sensitive to the US auto industry's concerns about China and EVs, especially in an election year, said Paul Triolo, associate partner for China at Albright Stonebridge Group.
"It is likely that the administration will take some action to show it is willing to act pre-emptively to prevent future problems from China's overcapacity in EVs," he told AFP.
But he warned that Beijing would likely "react badly", given the impact on US automakers remains to be seen.
- Stabilising ties -
During her trip, Yellen plans to meet with Chinese Premier Li Qiang and Vice Premier He Lifeng, as well as central bank governor Pan Gongsheng and Finance Minister Lan Fo'an.
Talks with He will see the two dive deep into both countries' economic conditions and address more sensitive areas such as national security and Beijing's alleged support for Russia's defence industrial base.
Beijing and Washington have clashed in recent years on flashpoint issues ranging from technology and trade to human rights, as well as over the self-ruled island of Taiwan and the South China Sea.
Relations have stabilised somewhat since Presidents Biden and Xi Jinping met in San Francisco in November for talks that both sides described as a qualified success.
Yellen's July 2023 visit helped restart dialogue after a period of heightened tensions, notably over Taiwan, and culminated in the launching of bilateral working groups on economic and financial policy.
US Secretary of State Antony Blinken is also expected to make another China trip in the coming weeks, a sign that both sides are returning to more routine engagements.
O.Johnson--AMWN