China-Europe agree to cut hybrid exports in half
China and the European Union have reached an agreement to reduce Chinese hybrid car exports to the bloc by more than half over the next four years, aiming to restore balance to the European trade deficit, which is suffering from a significant shortfall exceeding one billion euros daily and negatively impacting the European automotive industry. Beijing also agreed to facilitate the export procedures for rare minerals and to cut customs duties on European goods valued at nearly 4 billion euros, thereby enhancing economic cooperation between the two sides. European companies consider the agreement an important first step toward addressing the imbalance in trade relations, with further details to be discussed later at their upcoming summit in Brussels.
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