Yellen Warns of Chinese Subsidies' Global Economic Threat

US Treasury chief Janet Yellen warned that China's substantial subsidies for its industries pose a risk to the global economy and disadvantage foreign firms, particularly American ones. Yellen emphasized the need for a level playing field for American workers and firms during her visit to China, where she plans to address these concerns in meetings with Chinese officials. Beijing has dismissed these concerns as unfounded, attributing them to Western protectionism, but the US remains apprehensive about the impact of China's excess capacity on its manufacturing sector, particularly in clean energy. Despite strained relations, recent high-level meetings indicate efforts to improve US-China ties.