financetom
Business
financetom
/
Business
/
Visiting Chinese trade official warns EU on greentech probe
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Visiting Chinese trade official warns EU on greentech probe
Apr 12, 2024 4:55 AM

*

Brussels expected to decide on possible tariffs this year

*

Some of first public comments of European visit

*

Solar panel experience scarred Europe

(Adds background, quotes, paragraph 8 onwards)

By Giulio Piovaccari

Verona, Italy, April 12 (Reuters) - China's top trade

official warned Brussels against protectionism on Friday, saying

Beijing was puzzled by EU probes into green tech exports and the

bloc's concerns they threaten the domestic solar panel, wind

turbine and electric vehicle industries.

Wang Wentao is travelling through Europe for discussions

about the European Commission's investigation into whether

China's electric vehicle (EV) industry has benefited from unfair

subsidies.

"We fail to understand how the EU commission carries the

banner of sustainable and green development and then takes

protectionist actions, thereby in effect generating

more and more risks," Wang said in some of his first public

comments during the European trip.

Speaking at a trade and business conference in the northern

city of Verona, he cited the European Union's investigations

into Chinese electric cars, solar panels and wind turbines as

examples.

"We must oppose unilateralism and protectionism and protect

the global supply chain," the minister said.

Earlier this week, Wang was in France where he met French

Finance Minister Bruno Le Maire.

Also this week, Brussels launched a preliminary review of

possible market distortions by Chinese wind turbine makers. The

Commission could choose to prohibit transactions or disqualify

bids in public tenders.

In its EV investigation, the Commission is expected to

decide whether to impose provisional duties by June 5. It would

then publish an initial list of companies affected and decide on

definitive duties by early November.

PAINFUL MEMORIES

European policymakers are keen to avoid a repeat of what

happened with solar panels a decade ago when the EU took no

action to curb Chinese imports and many European manufacturers

collapsed.

Addressing the Verona conference, Italy's Industry Minister

Antonio Tajani, previously a European Commissioner, said the

European Commission needed to prevent what he called

"environmental dumping", a reference to selling green technology

below the domestic price to gain market share.

He also called for increased trade exchanges and investments

between Italy and China.

Italy seeks inward investment while Chinese carmakers,

pursuing sales of their lower-cost, mostly electric, vehicles in

the region are seeking to set up manufacturing sites in Europe.

China's BYD has already announced plans to build a facility

in Hungary, while rival Chery Auto might pick Spain or Italy for

a similar investment.

Tajani reiterated Italy was keen to find "new opportunities"

for auto manufacturers investing in the country, besides

Stellantis ( STLA ), Italy's sole major automaker.

Wang said China and Italy had to expand mutual investments.

"We need to think of new opportunities to address growing

bilateral investments, beyond traditional sectors," he said,

citing "high-end manufacturing" as a possible area.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
NextEra beats third-quarter profit estimates on renewables strength
NextEra beats third-quarter profit estimates on renewables strength
Oct 23, 2024
(Reuters) -NextEra Energy's third-quarter profit beat Wall Street estimates on Wednesday, helped by strength in its renewables unit. Growing demand from AI-backed data centers, along with homes and businesses using more electricity for heat and transportation, has brightened forecasts for utilities this year. The S&P index tracking utilities jumped 18.4% in the third quarter, compared to a 5.5% rise in...
Magnite Extends Ad Tech Deal With Disney; Shares Rise Pre-Bell
Magnite Extends Ad Tech Deal With Disney; Shares Rise Pre-Bell
Oct 23, 2024
09:03 AM EDT, 10/23/2024 (MT Newswires) -- Magnite ( MGNI ) and Disney ( DIS ) said Wednesday that they have extended their collaboration for another two years. Shares of Magnite ( MGNI ) rose more than 8% pre-bell, while Disney ( DIS ) gained slightly recently. Magnite ( MGNI ) has provided Disney ( DIS ) ad technology services...
Merck Acquires Modifi Biosciences for $30 Million
Merck Acquires Modifi Biosciences for $30 Million
Oct 23, 2024
08:58 AM EDT, 10/23/2024 (MT Newswires) -- Merck ( MRK ) , through a subsidiary, has acquired Modifi Biosciences, a direct DNA modification enabled cancer therapeutics developer in a $30 million deal, Modifi Biosciences said on Wednesday. Under the agreement, Modifi Biosciences shareholders are eligible to receive potential milestone payments totaling up to $1.3 billion. Price: 106.80, Change: +0.16, Percent...
Gauzy to Provide Smart Glass Technology for Ferrari SUV
Gauzy to Provide Smart Glass Technology for Ferrari SUV
Oct 23, 2024
09:01 AM EDT, 10/23/2024 (MT Newswires) -- Gauzy (GAUZ) said Wednesday that it was selected to supply its suspended particle device smart glass technology for Ferrari's ( RACE ) SUV. The company said Ferrari ( RACE ) would implement the technology in its SUV's panoramic roof. Gauzy said its SPD light control glass uses electrical voltage to change the transparency...
Copyright 2023-2026 - www.financetom.com All Rights Reserved