China rejects the accusations in electric vehicles, replying that "the rapid development of the sector is the result of "innovation, industrial and supply chain efficiency, and market competition, rather than subsidies" US Treasury Secretary Janet Yellen is currently in China where she underlined the growing global fears over the Dragon's excess industrial capacity. China "is ready to support Chinese electric vehicle companies in defending their legitimate rights and interests", said Trade Minister Wang Wentao, in a meeting with some Chinese companies held in Paris.