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China has overtaken in the U.S. with the most branded coffee shops in the world as young people start drinking coffee to cope with a competitive job market and workplace.
US Treasury Secretary Janet Yellen will arrive in China on Thursday, and is set to visit the southern city of Guangzhou and capital city of Beijing during her week-long trip.
Beijing has already recognised overcapacity as a major challenge for 2024, as US and European Union anti-dumping probes and tariffs disrupt trade.
Recent comments from officials, as well as years of tension over trade, indicate regulatory action may be taken by the US to limit the potential of China’s electric vehicle industry – which could sour efforts to boost economic growth and export activity.
As the United States appears unlikely to back down in its efforts to relocate manufacturing away from China, a recalibration of priorities has been suggested to accommodate the new status quo.