Remarks by Under Secretary for International Affairs Jay Shambaugh on Chinese Overcapacity and the Global Economy

As Prepared for Delivery Thank you, Rush, for the kind introduction. And thank you to Mike Froman and the Council on Foreign Relations for hosting me.Few topics are a greater priority today – for the Biden administration in general and the U.S. Treasury in particular – than our economic engagement with China. Underlying our responsible management of the economic relationship and our goal of a healthy economic competition is the belief that we needed to enhance communication, especially in areas where we disagree – something President Biden made clear after his meeting with President Xi in late 2022. In a speech last year at SAIS, Secretary Yellen laid out three principal objectives for our economic approach to China: first, securing U.S.