China Defends Manufacturing Push, Says World Needs More EVs

(Bloomberg) — China’s manufacturing capacity is helping the world fight climate change and contain inflation, said Vice Finance Minister Liao Min, pushing back against U.S. Treasury Secretary Janet Yellen’s latest criticism of the nation’s industrial excess.

“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Liao said in an exclusive interview in Rio de Janeiro, where he attended this week’s meeting of G-20 finance ministers and central bank governors.