China pushes back at US overcapacity concerns
Commerce Minister Wang Wentao on Monday dismissed as "groundless" US concerns that a surge of low-cost Chinese exports posed a risk to global markets, as Washington's treasury chief Janet Yellen wrapped up her China visit. During a trip to Paris, Wang said that "the accusations of 'overcapacity' by the United States and Europe are groundless". Xinhua news agency reported that Wang had pointed out that Beijing would support businesses in defending their interests, and that authorities have repeatedly dismissed concerns over so-called vast state support for industry. The comments came as US Treasury Secretary Janet Yellen, who has wrapped up high-level talks in China, said that Americans would not accept a situation where underpriced Chinese goods flood the global market. Yellen also said she had raised concerns about China's weak domestic demand and over-investment in industries such as electric vehicles, batteries and solar products, fueled by what she described as "large-scale government support". Wang had said Chinese electric vehicle makers' rapid growth was due to innovation and established supply chains, not subsidies. Meanwhile, bilateral ties have stabilised with both sides willing to cooperate on issues including climate change, debt restructuring, and anti-money laundering. (AFP/Reuters)