U.S. Treasury Secretary Janet Yellen's accusation of so-called overcapacity against China is the disguise the U.S. uses to suppress others, and it is an act of protectionism under the pretext of "fair competition," Foreign Ministry spokesman Wang Wenbin said on May 14 in Beijing.

Wang's remarks came after Yellen said the United States is very explicitly subsidizing investments in important strategic areas, adding, "What we don't want to see is massive Chinese subsidies to firms with huge overcapacity that will just drive our firms out of business."