Ivan Radic
The newspaper reports that the request arises during widespread job cuts by European car manufacturers due to affordable hybrid models from China that have "overwhelmed" the European market.
A European Union official, who chose to remain anonymous, informed the publication that should China continue to export hybrid vehicles to Europe without restrictions, the EU will intervene to prevent deindustrialization. Sources informed the publication that Brussels is aiming for a pledge from Beijing to cut the market share of Chinese-manufactured hybrids in the EU to roughly 15%; at present, they represent nearly one-third of the European market.
The representative from the bloc mentioned that Brussels has suggested that Beijing restrict exports of additional Chinese goods to the EU, such as chemicals. Additionally, the official mentioned that the EU desires China to buy more European products.
The FT noted that in June, the European Union established an October deadline to achieve "concrete outcomes" in lowering the trade deficit with China. The groups also created a platform for discussions on trade and investment (TIC). In a recent speech to the European Parliament, European Commission President Ursula von der Leyen mentioned that the EU's trade deficit with China amounts to €1 billion, a figure she described as having "reached a critical point."
source: ft.com
A European Union official, who chose to remain anonymous, informed the publication that should China continue to export hybrid vehicles to Europe without restrictions, the EU will intervene to prevent deindustrialization. Sources informed the publication that Brussels is aiming for a pledge from Beijing to cut the market share of Chinese-manufactured hybrids in the EU to roughly 15%; at present, they represent nearly one-third of the European market.
The representative from the bloc mentioned that Brussels has suggested that Beijing restrict exports of additional Chinese goods to the EU, such as chemicals. Additionally, the official mentioned that the EU desires China to buy more European products.
The FT noted that in June, the European Union established an October deadline to achieve "concrete outcomes" in lowering the trade deficit with China. The groups also created a platform for discussions on trade and investment (TIC). In a recent speech to the European Parliament, European Commission President Ursula von der Leyen mentioned that the EU's trade deficit with China amounts to €1 billion, a figure she described as having "reached a critical point."
source: ft.com
