Treasury Secretary Janet Yellen testified before Congress on July 9 regarding the “State of the International Financial System.” Lawmakers focused their questions on China, with both parties expressing concerns about China’s impact on key industries. House Speaker highlighted the Chinese Communist Party (CCP) as the “single greatest threat” to national security.
During the annual hearing before the House Financial Services Committee, Ms. Yellen addressed inquiries about the United States’ efforts to counter CCP’s predatory lending practices in developing countries, China’s dominance in critical technologies, and support for Taiwan against CCP aggression.
Ms. Yellen highlighted efforts to assist low-income countries in restructuring their debts, with China often being a challenging participant. She mentioned progress in debt restructuring with countries like Zambia and Ghana where China has cooperated.
Lawmakers raised concerns about China’s mass production of low-cost solar panels and computer chips, impacting U.S. manufacturers and supporting China’s geopolitical goals.
Taiwan’s membership in the IMF, opposed by China, was another topic of discussion. Ms. Yellen expressed support for greater engagement between the IMF and Taiwan but stopped short of endorsing IMF membership for the island.
The Chinese Mission to the United States did not provide an immediate response to requests for comment.
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