Get the latest tech news
U.S., China agree to launch talks on EV overproduction issue
The United States and China have agreed to launch talks on "balanced growth" in their domestic economies as well as globally that will address U.S. concerns over China's excess manufacturing capacity of electric vehicles and other items, Treasury Secretary Janet Yellen says.
On the launch of talks on balanced growth, Yellen said in a statement that they will facilitate a discussion around macroeconomic imbalances, citing her particular concerns about the impact of Chinese industrial overcapacity in sectors such as EVs and solar panels as a result of government support. Criticizing China for exporting large quantities of goods at "artificially depressed prices," Yellen said, "I firmly believe a shift away from policies that drive overcapacity would benefit the American, Chinese, and global economies." She is scheduled to hold talks with Chinese Premier Li Qiang, Finance Minister Lan Foan and People's Bank of China Governor Pan Gongsheng in Beijing before concluding her six-day visit on Tuesday.
Or read this on r/technology
