”China's solar and electric vehicle overproduction problem”... Yellen warns China ahead of visit

US Treasury Secretary Janet Yellen, who will visit China next month, warned that the excessive expansion of production in China's electric vehicle and solar industries is distorting global markets. The Chinese government mobilizes huge subsidies
He emphasized that he sees as a problem the act of fostering domestic companies through the use of low-priced products and hindering the competitiveness of companies from other countries by aggressively lowering prices. Secretary Yellen spoke on the 27th (local time) about solar power plants located in Georgia.
He visited Joule supplier Suniva and said, ``China's overproduction is distorting prices and production methods around the world, harming not only the United States but also companies and workers around the world.''
``We have previously raised issues related to overcapacity in our dialogue with China,'' he said, adding, ``We are planning to visit China next month to focus on this issue.''
It is certain.” Secretary Yellen is expected to visit China next month to discuss the issue intensively. Secretary Yellen said, ``China has significantly overinvested in the steel and aluminum industries in the past.''
``While this promoted production and employment, it also atrophied the industries of other countries.'' He continued, ``Currently, new industries such as solar power, electric vehicles, and lithium Eon batteries are also experiencing overproduction.''
"We can see the birth of the baby," he said. However, Yellen is prepared to meet with reporters to discuss potential retaliation against China's clean energy subsidies and low-cost products.
He stated that he hopes to have a constructive dialogue with the Chinese government.