Lingling Wei of The Wall Street Journal reports that Washington, in high-level meetings with Beijing, intends to highlight concerns over its manufacturing overcapacity. Wei writes:
A group of senior U.S. officials is traveling to Beijing this week for a round of high-level meetings intended to underscore Washington’s concerns over a wave of Chinese goods flooding world markets.
The American officials, led by Jay Shambaugh, the Treasury Department’s undersecretary for international affairs, will hold discussions with their Chinese counterparts on Thursday and Friday, according to a Treasury official.
The planned meetings are the fifth gathering of an economic working group formed by both governments last year to enhance communication at a time of heightened competition between the world’s two largest economies. The group also includes Federal Reserve officials. […]
In the statement to the Journal, Shambaugh said the U.S. delegation will also talk about areas of cooperation with the Chinese side in the working-group meeting, such as the debt and financing challenges faced by many developing countries.
China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America through its Belt and Road infrastructure program. Now, as many of those countries struggle to repay their debt to China, Beijing has become central to multilateral negotiations aimed at providing debt relief to countries such as Zambia.
Read more here.
