China's overcapacity results from state interference in markets, say analysts

FILE - A worker produces solar photovoltaic modules used for solar panels at a factory in Suqian in China's eastern Jiangsu province, May 9, 2023. A worker checks solar photovoltaic modules used for solar panels at a factory in Suqian in China's eastern Jiangsu province, May 9, 2023.

U.S. Treasury Secretary Janet Yellen is on a five-day visit to China, where she expressed concern to Chinese officials Friday about state subsidies that fuel manufacturing overcapacity in industries such as electric vehicles, solar panels and semiconductors.