LAST Thursday, United States Treasury Secretary Janet Yellen told a Group of Seven finance ministers and central bank governors meeting that, in the face of China's 'industrial overcapacity' leading to 'macroeconomic imbalances,' a 'clear and united front' needs to be present. She also urged countries affected by China's 'overcapacity' to respond.

The day before, US National Security Advisor Jake Sullivan said the issue of 'overcapacity' in China was not a bilateral challenge between the US and China, but a global challenge that 'creates global imbalances that are not stabilizing.' The US hopes to reach a consensus with allies on this issue.