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Why Yellen Attacked ‘Chinese Industrial Overcapacity’ During Her Visit to China

April 21, 2024 (EIRNS)—An article in Asia Times from April 15 showed in chart form that China’s exports to other developing countries took the lead over its exports to “developed markets” as of 2022, as part of China’s recovery from the pandemic period of port and economic lockdowns. Those exports to developing countries were growing rapidly as of late 2023 and the first quarter of this year.

According to the Asia Times author using as a pen-name, the name of a Legalist Han prince, “Han Feizi,” it is this recovery of China’s industrial exports, focused on providing them to developing countries and often providing the credit to buy them, which U.S. Treasury Secretary Janet Yellen protested by calling them “dumping excess industrial capacity.” Han Feizi takes motor vehicle exports as one example, and highlights the absurdity of Senate Banking Committee Chair Sherrod Brown declaring that “Chinese electric vehicles are an existential threat to the American auto industry,” when Chinese makers don’t sell EVs in the United States at all, but have growing sales to developing countries.

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