Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

China says ‘constant innovations,’ not subsidies, behind its EV edge

April 8, 2024
in News
Reading Time: 2 mins read
A A
China says ‘constant innovations,’ not subsidies, behind its EV edge
0
SHARES
ShareShareShareShareShare

READ ALSO

Brits snap up lower mortgages as BOE cut boosts market

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

Newly launched BYD Seal is displayed during the launch of the Chinese-made BYD brand in Jakarta, on January 18, 2024, and at the same time introduced 2 other types of battery-powered vehicles (EV, electric vehicle) that will be sold in Indonesia, with an investment of 1.3 billion US dollars. (Photo by BAY ISMOYO / AFP) (Photo by BAY ISMOYO/AFP via Getty Images)

Bay Ismoyo | Afp | Getty Images

China’s Minister of Commerce Wang Wentao said that the speedy rise of the country’s electric vehicle firms was not because of subsidies, but due to “constant innovations.”

The allegations about “overcapacity” by the U.S. and Europe are without merit, he said, state news agency Xinhua reported Monday. Wang also attributed China’s EV edge to “well-established supply chain system and market competition.”

Wang made the remarks during a roundtable discussion in Paris on Sunday with representatives from more than 10 Chinese companies including EV makers Geely and BYD as well as EV battery manufacturer CATL, a statement from the commerce ministry showed.

The roundtable discussion centered around EU’s anti-subsidy probe into electric vehicle imports from China, among other topics, according to the statement.

Wang noted that the Chinese EV industry has “made an important contribution to the global response to climate change as well as green and low-carbon transformation.” He also said the Chinese government will protect the “legitimate rights and interests” of Chinese firms.

The EU launched an investigation in October to determine if it should impose tariffs on imports of battery EVs from China “to offset state subsidies, and to level the playing field,” following a substantial increase in in imports.

China says ‘constant innovations,’ not subsidies, behind its EV edge

The European Commission President Ursula von der Leyen said in September that the “global market is flooded with cheaper electric vehicles” and that prices are “kept artificially low” because of “huge state subsidies.”

U.S. Treasury Secretary Janet Yellen on Saturday said she was “particularly concerned” about the impact of Chinese industrial overcapacity on the U.S. economy.

Yellen is currently in China for meetings on matters including managing the bilateral economic relationship between the U.S. and China and to advance American interests.

Washington and Beijing will hold “intensive exchanges” that will “facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity,” Yellen said Saturday following a meeting with Chinese Vice Premier He Lifeng.

“I intend to use this opportunity to advocate for a level playing field for American workers and firms,” she said, adding that “a shift away from policies that drive overcapacity would benefit the American, Chinese, and global economies.”

Credit: Source link

ShareTweetSendSharePin
Previous Post

Noah Clowney struggles in loss as rare teenager to start for Nets

Next Post

Yellen says U.S. plans to ‘underscore’ need for China to shift policy

Related Posts

Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?
News

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Global commodities’ biggest winners and losers this year
News

Global commodities’ biggest winners and losers this year

August 20, 2024
Travel is too expensive now — travel demand falls under cost concerns
News

Travel is too expensive now — travel demand falls under cost concerns

August 20, 2024
3 red flags that you and your friend should not travel together
News

3 red flags that you and your friend should not travel together

August 20, 2024
Next Post
Yellen says U.S. plans to ‘underscore’ need for China to shift policy

Yellen says U.S. plans to ‘underscore’ need for China to shift policy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Jake Paul vs. Mike Tyson expected to be most bet-on fight ever

Jake Paul vs. Mike Tyson expected to be most bet-on fight ever

July 23, 2024
What you need to know

What you need to know

July 30, 2024
Southwest investor asked the board to dump its CEO over the airline’s struggles. Now it wants to oust the board.

Southwest investor asked the board to dump its CEO over the airline’s struggles. Now it wants to oust the board.

August 14, 2024
Overwatch 2 may test a return to six-player teams

Overwatch 2 may test a return to six-player teams

July 25, 2024
The legacy of Paris puts future Olympics at risk—is it time to pick a single, permanent host for the games?

The legacy of Paris puts future Olympics at risk—is it time to pick a single, permanent host for the games?

August 3, 2024
Amazon’s new Echo Spot drops to

Amazon’s new Echo Spot drops to $55

August 19, 2024
It’s your last chance for a 0 Amazon gift card when you pre-order the Samsung Galaxy Z Fold 6

It’s your last chance for a $300 Amazon gift card when you pre-order the Samsung Galaxy Z Fold 6

July 23, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Natural Delights® Celebrates Internal Promotions as Company Continues to Expand
  • We’re Gen Z college dropouts who raised $41.4M for our blockchain startup. Here’s how we did it
  • Wukong breaks Steam’s concurrent single-player record within hours of launch
  • Brian Cashman opens up on whether Yankees would demote Anthony Volpe

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In