U.S. Treasury Secretary Janet Yellen has visited China to talk about trade and economics. Hmmmm. This is not her first trip to the "Middle Kingdom". Why is she back so soon? Well, now, China has been experiencing some economic headwinds: its economy is slowing and has been slowing over the last few years. Beijing has not come up with the right path to reverse the trend. There are problems in the financial sector; there are problems in Hong Kong and its administration; there are problems in in the over built real estate sector; and there are problems with neighbors in Japan and the Philippine Islands. Oh, and with South Korea.
Ms. Yellen is aware of all these issues and is aware of China's support of Putin's invasion of Ukraine and the ongoing war that China supports. China is evading sanctions against Russyaand Ms. Yellen is aware of this. Now China is flooding world markets with cheap goods, upending fair trade practices as China tries to manufacture its way out of economic difficulties. Let's not mention the continuing cyber warfare efforts carried out by the Peoples Liberation Army, the military arm of the ruling Communist Party of China.
Can China recover by making cheap goods to export? The world thinks not and Ms. Yellen is there to explain why not. Good luck, Janet. Xi JP is listening in his cunning, diffident style while smiling. Tell them all like it is: enough already. Covid was bad enough.
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