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China and US address concerns over economic ties

Beijing, Apr 6 (Prensa Latina) United States Secretary of the Treasury Janet Yellen is visiting China to address trade disagreements and Washington’s concerns about excess capacity.

The senior official arrived in the southern city of Guangzhou on Thursday and met on Friday with Chinese Deputy Prime Minister He Lifeng.

The Asian side said that the main task is the in-depth discussion of important issues in the economic-financial fields between China and the United States and the global economy, as well as provide answers to some key concerns in bilateral economic relations.

In statements to the United States Chamber of Commerce during her stay here, Yellen stressed that the Chinese Government’s direct and indirect support makes production capacity exceed significantly the country’s domestic demand and the capacity of the global market.

In her view, excess capacity might lead to large exports at low prices which would cripple the businesses of US companies and workers, as well as those in other parts of the world.

According to the official, Beijing is interested in addressing these challenges since “China is too big to grow rapidly through exports.”

This and other issues on the bilateral agenda, such as sanctions or US protectionism, will continue on the negotiating table.