Photo: AFP/Nurphoto/Cfoto
Eurasia
26/01/2024 20:41
Fu Cong noted that the EU subsidizes 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.” 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,” he added.
“Everything seems to be harming the EU’s security,” Fu said. “But the question is, where do you draw the line and where are the boundaries and how do you strike a proper balance between economy and the security?” he said.
China must stick to the facts if it is to launch trade investigations into European products, the European Union’s trade chief Valdis Dombrovskis reacted according to SCMP. “Countries may have trade disputes, that is not unheard of, but it’s important that we follow rules and procedures to address them … I am emphasising the need for all sides to stick with a rules-based, facts-based approach,” he added.
According to Tesla CEO Elon Musk, Chinese automakers will "demolish" global rivals without trade barriers, underscoring the heat the U.S. electric vehicle market leader faces from the likes of BYD, who are racing to expand worldwide, Reuters reports. Musk's comments come after BYD overtook Tesla as the world's top-selling EV company last quarter, despite the U.S. automaker's deep price cuts through 2023.
Chinese car companies were the "most competitive" and "will have significant success outside of China, depending on what kind of tariffs or trade barriers are established," Musk said on a post-earnings call with analysts on Wednesday.
"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," he said. "They're extremely good."
Asked about Musk's comments, the Chinese foreign ministry said at a regular briefing on Thursday that it was unaware of the reports but advocated "maintaining a fair, just and open business environment".
