MOSCOW (Reuters) – Russian President Vladimir Putin rejected U.S. Treasury Secretary Janet Yellen’s concerns over the global economic fallout from China’s excess manufacturing capacity and overproduction of cars as wrong.
Putin, a close ally of China, said that the market balances itself.
Yellen and other Biden administration officials are growing increasingly concerned about China’s overproduction of electric vehicles, solar panels, semiconductors and other goods that are flooding into global markets in the face of a demand slump in China’s domestic market.
(Reporting by Vladimir Soldatkin; Editing by Peter Graff)
