Latest News

Checking out Chinese trade official warns EU on greentech probe

China's leading trade official cautioned Brussels versus protectionism on Friday, stating Beijing was puzzled by EU probes into green tech exports and the bloc's issues they threaten the domestic solar panel, wind turbine and electric lorry industries.

Wang Wentao is taking a trip through Europe for conversations about the European Commission's investigation into whether China's electric automobile (EV) market has taken advantage of unjust aids.

We stop working to understand how the EU commission carries the banner of sustainable and green advancement and after that takes protectionist actions, thus in result getting more and more risks, Wang stated in some of his very first public remarks during the European journey.

Speaking at a trade and service conference in the northern city of Verona, he cited the European Union's examinations into Chinese electrical automobiles, solar panels and wind turbines as examples.

We should oppose unilateralism and protectionism and secure the international supply chain, the minister stated.

Previously today, Wang remained in France where he fulfilled French Finance Minister Bruno Le Maire.

Likewise today, Brussels released a preliminary evaluation of possible market distortions by Chinese wind turbine makers. The Commission might pick to restrict transactions or disqualify quotes in public tenders.

In its EV examination, the Commission is anticipated to decide whether to impose provisional responsibilities by June 5. It would then release a preliminary list of companies impacted and select definitive duties by early November.

AGONIZING MEMORIES

European policymakers are eager to prevent a repeat of what happened with solar panels a decade ago when the EU took no action to curb Chinese imports and many European manufacturers collapsed.

Addressing the Verona conference, Italy's Market Minister Antonio Tajani, previously a European Commissioner, stated the European Commission needed to prevent what he called environmental discarding, a referral to selling green innovation below the domestic price to gain market share.

He also required increased trade exchanges and financial investments in between Italy and China.

Italy looks for inward investment while Chinese carmakers, pursuing sales of their lower-cost, mostly electric, cars in the area are looking for to establish manufacturing sites in Europe.

China's BYD has actually already revealed strategies to construct a center in Hungary, while competing Chery Auto may select Spain or Italy for a comparable financial investment.

Tajani restated Italy was keen to discover new opportunities for car producers investing in the nation, besides Stellantis, Italy's sole significant car manufacturer.

Wang stated China and Italy needed to expand shared investments.

We need to consider brand-new opportunities to address growing bilateral investments, beyond traditional sectors, he said, citing high-end manufacturing as a possible area.

(source: Reuters)