US Treasury chief says relationship with China needs 'level playing field'

The US seeks a healthy economic relationship with China, but this requires competing on a "level playing field," said Treasury Secretary Janet Yellen Friday.

"China's non-market policies and practices are currently leading to overcapacity in manufacturing including in key industries like solar, electric vehicles, and lithium-ion batteries," she said in a statement on G7 Summit Outcomes.

"This poses a threat to American firms and workers and to firms and workers are around the world. I will continue to raise these concerns in conversations with my Chinese counterparts and am glad the G7 is presenting a united front," she added.

Yellen, in addition, said that G7 leaders called upon China and other countries to cease support Russia's military industrial base.

"I firmly believe our measures need to keep pace with that shift. That is why we have strengthened and expanded our ability to target foreign financial institutions or anyone else supporting Russia's war machine around the world," she said.