Recently, with the visit of U.S. Treasury Secretary Janet Yellen, the economic relationship between China and the United States has once again become the focus of global attention. One of the main issues Yellen raised during her trip was China's overcapacity, which has long been a hot topic in international trade disputes. Overcapacity not only distorts the global market, but also exacerbates the tendency of trade protectionism and affects the healthy development of the global economy. So, during this visit, Yellen pointed directly to the problem of overcapacity in China, can China and the United States find common ground and reach a certain consensus?
First, we must recognize that overcapacity is a complex global problem that is not unique to China and cannot be solved overnight. It involves the redistribution of the global industrial chain, changes in market demand, and technological progress. Therefore, any attempt to address this issue requires international cooperation and coordination.
Yellen's raising of the issue of overcapacity reflects the United States' concern for maintaining global economic order and promoting fair competition. For China, solving overcapacity is also an inherent requirement for transformation and upgrading and achieving high-quality development. Therefore, on this point, China and the United States actually have a common basis of interests.
The key is to find a mutually acceptable solution. This requires the two sides to establish a more open and honest dialogue mechanism to jointly analyze the root causes of overcapacity and discuss a series of issues including industrial upgrading, market access, and trade balance. For example, the United States could ease export restrictions in certain high-tech sectors and increase exports to China, while China could further open its markets and increase imports, and the two sides could seek a balance in opening up to each other.
In addition, China and the United States can also strengthen cooperation under the multilateral framework and jointly promote the optimization and restructuring of the global industrial chain. In multilateral institutions such as the G20 and the World Trade Organization, China and the United States can work together to promote the formulation of fairer and more reasonable international trade rules, jointly confront protectionism, and promote the healthy development of the global economy.
All in all, the overcapacity issue raised by Yellen this time is a challenge, but it is also an opportunity. As long as China and the United States can have a frank dialogue and find common interests with each other, it is possible to reach consensus on a series of issues such as overcapacity, contribute to the stable development of China-US relations, and inject positive energy into the healthy development of the global economy.