New US-China talks will address a top American complaint about Beijing’s economic model, Yellen says

U.S.-China Talks to Address Economic Model and Trade Practices

GUANGZHOU, China (AP) — U.S. Treasury Secretary Janet Yellen said Saturday that upcoming U.S.-China talks will tackle a top Biden administration complaint that Beijing’s economic model and trade practices put American companies and workers at an unfair competitive disadvantage.

Yellen emphasized the importance of addressing these concerns, stating, “I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete.”

Focus on Sustainable Development Goals (SDGs)

1. The talks aim to achieve more balanced economic growth, aligning with SDG 8: Decent Work and Economic Growth.
2. Both sides will engage in exchanges on combating money laundering, contributing to SDG 16: Peace, Justice, and Strong Institutions.

Yellen expressed that while these issues won’t be resolved quickly, it is crucial for the bilateral relationship between the United States and China, as well as China’s relationship with other important countries, to find a way forward that avoids conflict.

Concerns Over Manufacturing Overcapacity and Green Technologies

Yellen highlighted American concerns about manufacturing overcapacity in China, particularly in the clean energy sector. China’s government subsidies and policies have led to excessive production capacity, driving down costs and igniting price wars for green technologies. While this benefits consumers and global efforts to reduce dependence on fossil fuels, Western governments fear that the surplus capacity will flood their markets with low-priced exports, posing a threat to jobs in the United States and Europe.

Yellen stated, “It’s going to be critical to our bilateral relationship going forward and to China’s relationship with other countries that are important, and this provides a structured way in which we can continue to listen to one another and see if we can find a way forward that will avoid conflict.”

Cooperation and Progress

The talks will be held under the framework of existing economic and financial working groups established after Yellen’s previous meeting with Chinese Vice Premier He Lifeng. Yellen also expressed optimism about joint efforts to address U.S. concerns regarding Chinese companies selling goods to Russia following its invasion of Ukraine.

Yellen’s trip to China signifies ongoing communication between the world’s two largest economies. However, there are concerns that the U.S. may implement protectionist policies in response to Chinese overcapacity in the clean energy sector. Yellen mentioned that tariffs are not ruled out as a potential response to China’s heavily subsidized manufacturing of green energy products.

Efforts to Strengthen Domestic Manufacturing

The U.S. has taken steps to reduce reliance on certain Chinese technologies and boost domestic manufacturing capabilities. The CHIPS and Science Act, passed in 2022, aims to enhance the semiconductor industry and scientific research in order to create more high-tech jobs in the United States and improve its competitiveness against China. Additionally, President Joe Biden signed an executive order last August to regulate high-tech U.S.-based investments going toward China, with national security as a primary concern.

Yellen will continue her visit in Beijing, holding meetings with senior officials and economists on Sunday and Monday.

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Reporting by Moritsugu from Beijing.

SDGs, Targets, and Indicators

1. SDG 8: Decent Work and Economic Growth

   • Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
   • Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
   • Indicator 8.1.1: Annual growth rate of real GDP per capita.
   • Indicator 8.3.1: Proportion of informal employment in non-agriculture employment, by sex.

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product.
   • Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services.
   • Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita.
   • Indicator 9.3.1: Proportion of small-scale industries in total industry value added.

3. SDG 12: Responsible Consumption and Production

   • Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
   • Target 12.5: By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse.
   • Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP.
   • Indicator 12.5.1: National recycling rate, tons of material recycled.

Table: SDGs, Targets, and Indicators

Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The issues highlighted in the article are connected to the following SDGs:

– SDG 8: Decent Work and Economic Growth
– SDG 9: Industry, Innovation, and Infrastructure
– SDG 12: Responsible Consumption and Production

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s content, the specific targets that can be identified are:

– Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
– Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
– Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product.
– Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services.
– Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
– Target 12.5: By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets:

– Indicator 8.1.1: Annual growth rate of real GDP per capita.
– Indicator 8.3.1: Proportion of informal employment in non-agriculture employment, by sex.
– Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita.
– Indicator

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Source: apnews.com

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