By David Lawder
(Reuters) -U.S. Deputy Treasury Secretary Wally Adeyemo said on Friday that he is concerned about China’s excess manufacturing capacity spilling over to the global economy, even if China’s current economic woes are unlikely to slow U.S. growth in the near term.
“I am not concerned about the headwinds from China having a large impact on the US economy,” Adeyemo told a Council on Foreign Relations event in New York, referring to challenges from its property sector, an aging population and a worsening business climate for private firms.
“The thing that I am fundamentally concerned about from China is excess capacity coming from China and hitting the global economy,” Adeyemo said.
China’s heavily subsidized manufacturing capacity for electric vehicles, solar panels and other goods has followed industries such as steel and aluminum in producing more goods than China can consume, he added.
“Fundamentally that overcapacity is…
