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Yellen Implores China to Rethink Economic Growth Strategy
Posted
April 8, 2024
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April 8, 2024
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0:53Now PlayingUS Treasury Secretary Janet Yellen implored Beijing’s top leaders to fundamentally rethink their economic growth strategy, as she wrapped up a high-stakes trip to China that’s been a balancing act in strengthening bilateral ties while delivering stark criticisms.
China’s economic imbalances and massive government subsidies of certain sectors will “lead to significant risk to workers and businesses in the United States and the rest of the world,” she said at a press conference in Beijing on Monday.
Throughout four days of meetings, Yellen repeatedly framed China’s strategy of boosting its already huge manufacturing capacity as a widespread global concern, and urged leaders to focus instead on revving up domestic demand. President Xi Jinping has made bolstering advanced manufacturing a top priority as he seeks to achieve around 5% growth this year despite a deep real estate crisis.
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