Yellen meets business leaders in Guangzhou
US Treasury Secretary Janet Yellen on Friday called for a level playing field between American and Chinese companies, telling officials during a visit to Guangzhou that Beijing's industrial subsidies threatened that balance. Beijing has dismissed those concerns, last month condemning a European Union probe into its subsidies for electric vehicles as protectionism and part of a Western effort to politicise international trade. Yellen said at the start of a meeting with Guangdong governor Wang Weizhong that she will emphasise the need for a level playing field for American workers and firms, and that Beijing and Washington must maintain open and direct communication on areas where they disagree. "This includes the issue of China's industrial capacity, which the United States and other countries are concerned can cause global spillovers," she said. China has pushed back against over-capacity concerns expressed by both the US and Europe. "While it is just basic economics that surplus products naturally seek out markets elsewhere once domestic demand is met, and Western nations have been doing that for centuries, when it comes to China, it becomes an 'overcapacity problem' threatening the world," the China Daily said. Yellen on Friday will also meet with international business leaders in Guangzhou and participate in an American Chamber of Commerce event.  She'll meet with Premier Li Qiang and Vice Premier He Lifeng during her second visit to China in less than a year. Yellen's trip came after a phone conversation between Presidents Xi Jinping and Joe Biden this week. US Secretary of State Antony Blinken is also expected to visit China in the coming weeks as bilateral ties stabilise. (Agencies)