Yellen says global concerns growing over China’s excess industrial capacity

China pushed back on U.S. Treasury Secretary Janet Yellen’s call to rein in excess production capacity for clean energy goods, calling it a “pretext” for protectionist U.S. policies, as her meetings with Chinese officials continued on Saturday.
State news agency Xinhua said in an editorial late on Friday, such comments seek to undermine China’s domestic growth and international cooperation, and Washington should focus on fostering innovation and competitiveness within its own borders instead of resorting to “fear-mongering.”
Yellen, Chinese Vice Premier He Lifeng and their teams resumed meetings on a range of economic topics on Saturday, with U.S. concerns about China’s growing exports of electric vehicles, solar panels and other goods the biggest priority for the Treasury chief.
A group bilateral meeting ran well past its scheduled two and a half hours, delaying a more intimate meeting with just Yellen, He and one other official from each side. Yellen is expected to speak with reporters after the meetings.