State subsidies for China’s industrial sector pose a risk to the global economy, US Treasury Secretary Janet Yellen says US Treasury Secretary Janet Yellen has claimed that China’s industrial sector produces much more goods than its domestic market can absorb. Speaking on Friday to the American business community in the Chinese city of Guangzhou, she warned that Beijing’s state subsidies were creating a surplus of goods globally. Industrial overcapacity and what the US considers to be unfair trade practices are undercutting American and other firms, according to Yellen, who has called for a level playing field for
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