EU urges China to curb hybrid exports
The European Union has voluntarily requested China to limit its hybrid vehicle exports, aiming to reduce the worsening trade surplus between the two sides and lessen dependence on Chinese imports. The EU seeks to restrict Chinese hybrid car sales to approximately 15% of the EU market, with the possibility of taking action if China does not comply. The union has also asked for limits on exports of other products such as chemicals, while coordinating to increase European purchases from China. The EU is addressing the growing trade surplus resulting from China's excess manufacturing capacity, which Beijing considers a protectionist attempt to constrain it. Notably, the EU's trade deficit with China reached €360.6 billion last year, hitting a peak. Both parties are expected to reach tangible results by October, with the European Trade Commissioner visiting China to achieve this.
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