Yellen: China acts illegally and tries to dominate rivals
Treasury Secretary Janet Yellen on Thursday criticized China’s aid to companies as she set out how the U.S. wants to act versus the world’s number two-economy.
China in recent years has expanded support for its state-owned enterprises and domestic private firms to “dominate foreign competitors,” she said. “This strategy has been coupled with aggressive efforts to acquire new technological know-how and intellectual property – including through IP theft and other illicit means.”
Yellen also said the U.S. was seeking cooperation on global challenges, such as climate and debt distress. “We call on China to follow through on its promise to work with us on these issues – not as a favor to us, but out of our joint duty and obligation to the world. Tackling these issues together will also advance the national interests of both of our countries.”
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