Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

China says EU's 'unfair' EV subsidies probe risks damaging ties- Bloomberg News

Published 01/23/2024, 08:14 PM
Updated 01/23/2024, 08:33 PM
© Reuters. Fu Cong, the director-general of the arms control department of Chinese foreign ministry, speaks at a news conference on COVID-19 origin-tracking related issues, in Beijing, China August 25, 2021. REUTERS/Tingshu Wang/File Photo
0175
-
1211
-

(Reuters) - China's ambassador to the European Union called the EU's probe into Chinese electric vehicle manufacturers over state subsidies "unfair", Fu Cong told Bloomberg News in an interview.

Fu told Bloomberg that China is cooperating with the EU's probe "because we do want to avoid a situation that the two sides will have to resort to trade measures against each other".

The ambassador told Bloomberg that EU subsidies many of its own companies and said that if China took the same approach as the bloc has done, "there are many things that could be subject to investigation".

Last year, the European Commission launched an investigation into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies.

Earlier this month Reuters reported that European Commission investigators are to inspect Chinese automakers in the coming weeks as part of a probe into whether to impose punitive tariffs to protect European electric vehicle (EV) makers. The inspectors will visit BYD (SZ:002594), Geely and SAIC, two sources told Reuters.

© Reuters. Fu Cong, the director-general of the arms control department of Chinese foreign ministry, speaks at a news conference on COVID-19 origin-tracking related issues, in Beijing, China August 25, 2021. REUTERS/Tingshu Wang/File Photo

Tensions between China and the EU have been growing, partly due to Beijing's closer ties with Moscow after Russia's invasion of Ukraine. The EU is seeking to reduce its reliance on the world's second-largest economy, particularly for materials and products needed for its green transition.

(This story has been refiled to correct the China ambassador's surname to Fu in paragraph 2)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.