US Treasury Secretary Scott Bessent slammed Beijing on Wednesday for its aggressive export insurance policies, urged it to be a extra reliable companion and depicted China’s disjointed financial construction as hurting not solely the US however your complete globe.
“China presently has essentially the most unbalanced financial system within the historical past of the world,” Bessent, a former hedge fund supervisor, instructed the highly effective Home Methods and Means Committee.
“They can’t be allowed to export their method again to prosperity, not just for working People however for working residents around the globe.”
The deal may additionally assist China increase its home consumption moderately than prolong a long-standing sample of extreme manufacturing distorting the worldwide financial system, in line with the Treasury secretary.
However Bessent urged vigilance. “China has confirmed an unreliable companion,” he testified earlier than including that “we’ll see” whether it is extra dependable this time.
