Hyperdrive
China Accuses EU of ‘Naked Protectionism’ in EV Aid Fight
- Move may have ‘negative impact’ on relations, Beijing warns
- Electric cars a rare bright spot in China’s economy this year
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China blasted the European Union’s probe into Beijing’s electric-car subsidies, as the battle to access the bloc’s growing market risks sparking a trade war between the two economic powerhouses.
The decision to launch an investigation into Beijing’s state subsidies will have a “negative impact” on the EU’s relationship with China, the Commerce Ministry warned on Thursday. The EU said it’s trying to protect jobs and supply chains at home, as it claims China is unfairly flooding the market with cheap vehicles.