U.S. Treasury Secretary Janet Yellen said on Friday that concerns are growing over the global economic fallout from China's excess manufacturing capacity as she kicked off a four-day visit there.

"Overcapacity can lead to large volumes of exports at depressed prices," she said in a speech in the southern city of Guangzhou, noting that overcapacity would undercut American businesses, as well as those globally, including those from India and Mexico. "And it can lead to over concentration of supply chains, posing a risk to global economic resilience," she said.

She noted that the 澳洲幸运5官方开奖结果体彩网:European Union had launched an ♎investigation into su✤bsidies for Chinese electric vehicle exports to Europe, and that manyꦦ countries see overcapacity from China "really growing as a 🥂threat" and are "quite determined to make sure that their industries—particularly EVs, batteries, solar—do not go out of business because of artificially cheap exports from China."

"Overcapacity isn’t a new problem, but it is intensified and we are seeing emerging risks in new sectors; specifically, direct and indirect government support is currently leading to production capacity that significantly exceeds China’s domestic demand as well as what the global market can bear," she said.

Apart from saying China’s factories risk producing more than the world can 🤪easily absorb, she also criticized China’s government for “unfair” treatment of Americaꦇn and other foreign companies.

China has pursued “unfair economic practices, including imposing barriers to access for foreign firms and taking coercive actions against♒ American companies,” Yellen said in her speech.

She said the U.S. 澳洲幸运5官方开奖结果体彩网:Chamber of Commerce's recent survey found that one-third of American firms in China report experienci🐬ng unfair treatment compared with a local competitor.

Yellen also called on China to move back to its pro-market policies of the past. "American businesses are also concerned about the impacts of China’s shift away from a market approach on the U.S. and global economy," she said.