Commerce Minister Wang Wentao stated during a roundtable meeting in Paris that China's electric vehicle (EV) companies do not depend on subsidies for competitive advantage.
He emphasized the role of continuous technological innovation, efficient production, and robust market competition in their rapid development. Wang dismissed accusations of "overcapacity" by the U.S. and Europe as unfounded.
The meeting, attended by representatives from over 10 enterprises including Geely, BYD, and CATL, aimed to address concerns regarding China's EV exports to Europe. Discussions also revolved around the European Commission's investigation into whether China's EV industry received unfair subsidies, potentially leading to tariffs to protect European car makers. The investigation is expected to conclude by November.
Meanwhile, U.S. Treasury Secretary Janet Yellen, currently in China, expressed global concerns over China's excess industrial capacity, highlighting its detrimental impact on producers in other countries.
Paraphrasing text from "Investing" all rights reserved by the original author.
