China to Help Electric Vehicle Industry Deal with Foreign Trade Restrictions

tendata blogTrade Trends News

ten data blog19-02-2024

China's Ministry of Commerce (MOFCOM) said on February 7 that it will encourage the new energy vehicle industry to "actively" deal with foreign trade restrictions and cooperate with overseas firms amid a European investigation into Chinese subsidies for the sector.

The Ministry of Industry and Information Technology (MIIT) also issued guidance encouraging automakers to set up R&D and after-sales service centers outside China, work with foreign partners to establish supply chains, and strengthen cooperation with shipping companies in transportation logistics.

Under the measures, Chinese banks will be encouraged to expand their domestic and overseas services for automakers and their supply chains, including the scale of cross-border RMB settlements.

The ministry also said it will optimize export procedures for new energy vehicles and batteries.

China is estimated to overtake Japan as the world's largest auto exporter by 2023, and its growing influence as an auto exporter is sparking friction overseas.

In September, the European Commission launched an investigation into possible subsidies for electric cars made in China, a move Beijing called "protectionist".

The Wall Street Journal reported last month that the U.S. was discussing raising tariffs on some Chinese goods, including electric cars.

china electric vehicle,china electric vehicle industry,electric vehicle industry

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