U.S. Treasury's Yellen returns to China, aiming to stem green tech glut

SHANGHAI -- U.S. Treasury Secretary Janet Yellen arrived in Guangzhou on Thursday, on a mission to stabilize ties with China while pressing officials on industrial overcapacity that looms over the global economy.

The U.S. and Europe are increasingly wary of Chinese policies that fuel cheap exports of surplus industrial products, from electric cars to solar panels, undercutting their own companies. The latest official data from China shows that outstanding loans to the industrial sector have been surging since June 2020, reaching 21.83 trillion yuan ($3 trillion) in December 2023. That figure was up 28% on the year, according to the central bank.