美国财政部长耶伦4月初将访问中国。出发前，耶伦先发制人，在美国乔治亚州发表演讲时指责中国对电动车、锂电池和光伏产品进行大量补贴，形成了过剩产能，扭曲了国际市场价格，最终伤害了美国企业与美国工人的利益，还损害了世界经济的韧性。

什么叫过剩产能？中国的过剩产能为何在此刻成为中美贸易摩擦的最新来源？

这期的早报播客《东谈西论》，听主持人韩咏红和新加坡管理大学李光前商学院副教授傅方剑解析耶伦对中国提出过剩产能这个问题，目的是什么？

延伸阅读：

• 韩咏红：耶伦向中国过剩产能发难
• 杨丹旭：中国经济寒冬难熬？

US Treasury Secretary Janet Yellen is planning to visit China this month. Last Wednesday, during a visit to a solar cell manufacturing plant in the state of Georgia, Yellen said that she intends to warn China about the negative effects of Beijing’s subsidies for its clean energy industries, including electric vehicles, lithium-ion batteries and solar panels.  

"I will convey my belief that excess capacity poses risks not only to American workers and firms and to the global economy, but also productivity and growth in the Chinese economy,” she said.  

What does Yellen mean by “excess capacity” and why is the US raising this issue now? 

In this episode of Global Heartbeat podcast, Associate Professor of Finance from the Singapore Management University’s Lee Kong Chian School of Business, Fu Fangjian, joins host Han Yong Hong to discuss Yellen’s trip to China and her recent remarks concerning China’s subsidies for its clean energy industries. 

Hosted by Lianhe Zaobao’s Associate Editor, Han Yong Hong, Global Heartbeat is a Mandarin weekly news and current affairs podcast that is updated every Tuesday, 7.00 PM SGT. It is available on zaobao.sg, Apple Podcast, Google Podcasts, Spotify and other podcast platforms.