Yellen to meet US allies during IMF, World Bank meetings, press China on growth
- Yellen’s meetings to include talks with China on ‘balanced growth’, a new dialogue to address China’s excess industrial capacity for clean energy goods
- Other issues to be discussed include shoring up supply chains, strengthening financial system stability and supporting Ukraine, US Treasury said
How far did Janet Yellen’s trip move the ball for US-China relations?
The official declined to discuss specific potential plans for the assets, adding that the G7 finance discussions were aimed at presenting G7 leaders with options to consider at a summit in Italy in June.
Tough conversations key to bridging gap between China, US
The official said the two sides would “get more into the weeds to start exchanging more detailed data” on the excess capacity issue.
The official said Yellen also will be talking up US economic strength at the meetings and pushing for more progress on debt relief for vulnerable countries and the advancement of multilateral development bank reforms to better fight climate change.
“We expect that America’s path to a ‘soft landing’ will continue to underpin global growth,” the official said, referring to a scenario in which inflation in the US could continue to drop without ruining the job market or causing a painful recession. “We’ve also been engaging with the world to mitigate short-term risks and support sustainable long-term growth, recognising that the prospects for a soft landing are not felt equally everywhere.”
Yellen will hold a press conference on Tuesday.