Foreign buyers will throng the vast halls of China's biggest trade expo from Monday, scouting for deals on Chinese goods that U.S. and European governments complain are flooding global markets. The 135th Canton Fair comes as China is making a strategic policy shift, accelerating resource distribution towards its manufacturing complex and away from its crisis-hit property sector, in the hope that it can move up the value scale. This is causing alarm in Washington and Brussels, especially over what China calls the "new three" industries of electric vehicles, batteries and solar energy, where the world's second-largest economy is becoming a dominant export power.
The last day of U.S.
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,. -April 10, 2024 at 07:25 pm EDT
- MarketScreener
The last day of U.S. 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. As Yellen laid out plans to formalise dialogue with China over excess industrial capacity in electric vehicles (EVs), solar panels and batteries, saying Washington would not accept U.S. industry being "decimated", the Chinese finance ministry issued a statement saying it had already "fully responded" to her concerns. Commerce Minister Wang Wentao, at a roundtable meeting with Chinese EV makers in Paris on Monday, said U.S. and European assertions of excess capacity were groundless, adding China's rise in these industries was driven by innovation and complete supply chain systems, among other factors.
Analysis-What Overcapacity? China Says Its Industries Are Simply More Competitive usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.