US Treasury Secretary Janet Yellen's trip to China sparked tensions as she raised concerns about Chinese industrial overcapacity, particularly in green industries like EVs and batteries. Yellen's remarks were met with strong rebuttals from Beijing officials and experts, who criticized her protectionist stance. The US-China trade dispute over exports and subsidies in the clean-energy sector continues to escalate, with implications for global markets and competition. Yellen's efforts to address overcapacity and trade imbalances reflect broader economic and strategic concerns between the two nations.
While @Tesla's stock price has plummeted, China's #NewEnergyVehicle industry, which has grown under the impetus of Tesla's "catfish effect," has seen a #GreatLeapForward in growth. Yesterday, I asked the audience whether @elonmusk should have gone to China to build a factory, so… https://t.co/Veesay2vKS https://t.co/0IcDFGP8se
Another #GreatLeapForward in China's #NewEnergyVehicles. Didn't the CCP know that the consumption levels of the Chinese populace were insufficient to absorb such massive production capacities? It certainly did. Hence, it has marshaled national resources to develop… https://t.co/YbUKHY8rR0 https://t.co/0IcDFGP8se
Some figures and one example of the #CCP's #Semiconductor “#GreatLeapForward” So, #overcapacity is not something new for China. #China #CCPChina #Chinanews #ChinaStory #ChineseSociety #AmazingChina #ChineseEconomy #ElectricVehicle https://t.co/gIEidd3B8m https://t.co/0IcDFGP8se
https://t.co/oVznGLaS33 Parsing Treasury Secretary Yellen's misunderstanding of the Chinese economy.
"Meanwhile, rival German carmakers #MercedesBenz & #BMW reported declines of 12% & 4% YoY respectively in their #China sales numbers in the 1Q of 2024" https://t.co/hgGKJ7PbhJ
The #CCP has a long history of #overcapacity, as its economy is a "planned" one based on communist ideology. "Great Leap Forward" often happens as the officials need economic "achievements" to prove their political qualification. As for the #CCP, it believes its power can rule… https://t.co/AXmPFflloH https://t.co/0IcDFGP8se
Will China flood the globe with EVs, green tech? What's behind latest US-China trade fight https://t.co/ZGgdqhA1kY
As U.S. Treasury Secretary Janet Yellen wrapped up her second trip to China in nine months, her highly publicized sampling of the country’s culinary offerings continued to capture almost as much attention as her high-level government meetings. https://t.co/l6u0jabJtH
Challengers to China's EV battery dominance face a problem, @colinmckerrache writes. @CATL and @BYDCompany aren't complacent incumbents and behave "more like scrappy startups than bloated corporate fiefdoms". https://t.co/aRulrEN9ue https://t.co/hR3XIfXZGb
CHINA MOFCOM ISSUED PLANS TO PROMOTE TRADE-IN PROGRAMS FOR CONSUMER GOODS, AIMING TO INCREASE SECOND-HAND VEHICLE TRANSACTIONS BY 45% BY 2027 VS 2023. #CHINA WILL OFFER SUBSIDIES TO CAR OWNERS WHO SCRAP OUTDATED CARS AND REPLACE THEM WITH NEVS. $TSLA $BYD $XIACY $LI $NIO $XPEV https://t.co/B706fbFuh0
CHINA MOFCOM ISSUED PLANS TO PROMOTE TRADE-IN PROGRAMS FOR CONSUMER GOODS, AIMING TO INCREASE SECOND-HAND VEHICLE TRANSACTIONS BY 45% BY 2027 VS 2023. #CHINA WILL OFFER SUBSIDIES TO CONSUMERS WHO BUY NEVS. $TSLA $BYD $XIACY $LI $NIO $XPEV https://t.co/B706fbFuh0
“News reports suggest Yellen even tried to sell the Chinese on stimulus checks — or “stimmies,” as they came to be known during the pandemic. Put yourself in the shoes of the Chinese here: Yellen’s Treasury has created a cost-of-living crisis in America, and now she wants to… https://t.co/nFOARtgTa8
The assertion from U.S. Treasury Secretary Janet Yellen that China is guilty of overcapacity gets a strong rebuke from experts, who argue that the criticism runs counter to the basics of economics and risks violating free trade principles. @SecYellen https://t.co/sON8dqIwWK
Treasury Secretary Janet Yellen’s trip to China sent a clear message about exports, but it will likely fall on deaf ears in Beijing https://t.co/gWBvyO8yan https://t.co/gWBvyO8yan
Some thoughts on the "overcapacity" narrative: 1) From a strategic point of view, the “overcapacity” narrative is perceived in Beijing as another US attempt to hinder China’s effort to move up the value chain. 2) Beijing views the success of China’s EV and green technology…
#WhiteHouse pressed to act against Chinese EV imports amid national security concerns https://t.co/QDVIN8qkcC https://t.co/rQKjKhnzvA
"Treasury Secretary Janet Yellen’s trip to China sent a clear message—a flood of cut-priced exports isn’t welcome. It will likely fall on deaf ears in Beijing." @jackycwong https://t.co/ZFFM6ZkdTl https://t.co/ZFFM6ZkdTl
#OpinionLine US Treasury Secretary #JanetYellen recently held a series of meetings with leading Chinese officials, during which she wanted her hosts to know that her country had no interest in quashing the strong trade environment in which the US and China operate. Yet almost… https://t.co/pGItnoXGxL
Daily EV Recap: China looks to export EVs by the hundreds of thousands https://t.co/yIGhbrG3wl
Exploring China's #Overcapacity, #EV Industry, and @Tesla's "#CatfishEffect": Should #ElonMusk Regret? #CCP #China #CCPChina #Chinanews #ChinaStory #ChineseSociety #AmazingChina #ChineseEconomy #ElectricVehicle @elonmusk https://t.co/lkCDDcCWVz
A deep dive into the origins and effects of the CCP's '#overcapacity' issue, its deep-rooted causes, and a discussion about whether #ElonMusk should regret his decision to enter China. https://t.co/ZuWzaNmNaY #CCP #China #CCPChina #Chinanews #ChinaStory #ChineseSociety… https://t.co/k8kGTJXLef
China is facing more scrutiny from the West over its aggressive export practices — overcapacity and huge subsidies. The US and EU are working to ensure their clean-energy sectors aren't wiped out by unfair competition. https://t.co/oybhmh8vHf
"In #Europe the picture is gloomier...#VW recorded a significant decline of almost a quarter in EV deliveries there, incl its home market of #Germany where subsidies offered to consumers to buy electric were cut end of '23" https://t.co/VwTlaXVLFG
Hybrid vehicle sales revving up as EV demand sputters https://t.co/xUX0ki2Q9N
Commentary: Washington's "overcapacity" charges misleading -Xinhua https://t.co/msj2nHOioo "David Fickling, a Bloomberg Opinion columnist, said in a recent opinion piece that "Yellen junks 200 years of economics to block China clean tech" and that the attempt is a protectionist…
Yellen pitches Bidenomics in Beijing — making America a laughingstock https://t.co/ERSu9Pf0h2 https://t.co/02r2IUlWcp
Is Uncle Sam's love for "green products" turning into a protectionist affair? Yellen's warning on China's exports sparks debate on subsidies and market distortions. #EconomicPolicy #ChinaTrade Pierre Lemieux at #EconLog: https://t.co/5sEmXdPm5e
Guys I don't mean to be skeptical of Secretary Yellen's trip, especially to the text book jockies reliving Groundhog Day over and over, but I am beginning to think that the Chinese won't change their entire economic structure just because of a press release and Galaxy Brain… https://t.co/ca9uCo1jkR
Heard on the Street: Treasury Secretary Janet Yellen’s trip to China sent a clear message about exports, but it will likely fall on deaf ears in Beijing https://t.co/9AloAp9qGW https://t.co/9AloAp9qGW
Volkswagen struggles to draw in a crowd for electric vehicles as sales drop by a third https://t.co/OAlR82Mt1Z
"#China’s domestic market is experiencing a fierce price war bt legacy carmakers & newer rivals such as #BYD & #Tesla...Analysts said #VW had lowered its prices to retain market share, which the carmaker called “customary & time-limited marketing measures” https://t.co/QnWDkfbcqY
During her recent visit to Beijing, @SecYellen correctly pointed to the Chinese economy’s overcapacity issues. But her claim that government subsidies are the primary cause was misguided, notes @PKU1898’s Yang Yao. https://t.co/7noMQLf6RC
⚡MOFCOM: #CHINA ENCOURAGES THE REPLACEMENT OF OBSOLETE AUTOMOBILES WITH NEW ENERGY OR ENERGY-SAVING VEHICLES. https://t.co/Eu628QpE5D
Green technology is the latest front in the United States’ rivalry with China, and Latin America is a main battleground. China’s “new three”, solar panels, batteries and EVs, are flooding into the region https://t.co/EBDjzBQZuB 👇
The last day of US Secretary Janet Yellen's trip to China coincided with the strongest retort yet from Beijing officials over her claims that China is flooding global markets with cheap goods, particularly in the new green industries https://t.co/Hb4s48Y2Pa
The last day of US Secretary Janet Yellen's trip to China coincided with the strongest retort yet from Beijing officials over her claims that China is flooding global markets with cheap goods, particularly in the new green industries. More here: https://t.co/5CX8gyoIvo
Janet Yellen and the rest of the Biden administration are determined not to allow another “China shock” to hollow out U.S. manufacturing again and leave more fallow ground for the politics of resentment, FP’s @KFJ_FP writes. https://t.co/s1txd34cBm
#MediaFocus Refuting the US Treasury Secretary Janet Yellen's claim of Chinese "industrial overcapacity" in sectors including EV, lithium ion batteries and solar, Bloomberg Opinion columnist David Fickling said in his commentary, "the treasury secretary's plan is a protectionist… https://t.co/CuDsJQ65Ur
What overcapacity? China says its industries are simply more competitive https://t.co/wPNwMSmJ7z https://t.co/qT0U7R0ZDG
⚠️ ANALYSIS-WHAT OVERCAPACITY? CHINA SAYS ITS INDUSTRIES ARE SIMPLY MORE COMPETITIVE Full Story → https://t.co/LBwId43vX3 https://t.co/y3YvD3fU5l
Personally, I think Secretary Yellen's trip to China was a clear success -- not because of any short-term "deliverables" but rather because she (correctly) framed the nature of the challenge (from the FT) 1/2 https://t.co/f6wFzo9DNo