Yellen Calls China Meetings 'Productive', Seeks Level Playing Field

US Treasury Secretary Janet Yellen (L) and Chinese Vice Premier He Lifeng (R) arrive for a bilateral meeting at the Guangdong Zhudao Guest House in Guangdong province, China, 05 April 2024.  EPA/Andy Wong / POOL
US Treasury Secretary Janet Yellen (L) and Chinese Vice Premier He Lifeng (R) arrive for a bilateral meeting at the Guangdong Zhudao Guest House in Guangdong province, China, 05 April 2024. EPA/Andy Wong / POOL
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Yellen Calls China Meetings 'Productive', Seeks Level Playing Field

US Treasury Secretary Janet Yellen (L) and Chinese Vice Premier He Lifeng (R) arrive for a bilateral meeting at the Guangdong Zhudao Guest House in Guangdong province, China, 05 April 2024.  EPA/Andy Wong / POOL
US Treasury Secretary Janet Yellen (L) and Chinese Vice Premier He Lifeng (R) arrive for a bilateral meeting at the Guangdong Zhudao Guest House in Guangdong province, China, 05 April 2024. EPA/Andy Wong / POOL

US Treasury Secretary Janet Yellen said on Saturday she had "productive conversations" with Chinese Vice Premier He Lifeng on the bilateral economic relationship after two days of meetings in China's southern export hub of Guangzhou.
"The US seeks to create a level playing field for American workers and firms, as well as deeper cooperation on illicit finance, climate change and other priorities," Yellen said in a post on X, formerly Twitter.
Her post did not directly mention her top priority for her four day visit to China: to try to persuade Chinese officials to rein in excess production capacity for electric vehicles, solar panels and other clean energy technology that are threatening competing firms in the US and other countries, Reuters said.
Chinese state media pushed back on her excess capacity arguments, calling them a "pretext" for protectionist US policies.
Such comments seek to undermine China's domestic growth and international cooperation, and Washington should focus on fostering innovation and competitiveness within its own borders instead of resorting to "fear-mongering," state news agency Xinhua said in an editorial late on Friday.
Yellen, He Lifeng and their teams held over four and a half hours worth of meetings on Saturday on a range of economic topics, with US concerns about China's growing exports of electric vehicles, solar panels and other goods the biggest priority for the Treasury chief.
Yellen is expected to speak with reporters later on Saturday.
Yellen told US businesspeople in China's southern export hub of Guangzhou on Friday that concerns are growing over the global economic fallout from China's excess manufacturing capacity, making the issue the focus of her four days of meetings with Chinese officials.
Citing China's overproduction of electric vehicles, solar panels, semiconductors and other goods that are flooding into global markets in the face of a demand slump in China's domestic market, Yellen said this was not healthy for China and was hurting producers in other countries.
"Talking up 'Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield US companies," Xinhua said.
"After all, it is now known by the world that Washington will not hesitate to show its protectionist teeth under the guise of national security in areas where its supremacy is challenged."
Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday.
She is to travel later on Saturday to Beijing, where she will meet officials including Premier Li Qiang, Finance Minister Lan Foan and People's Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.



Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.