BERLIN (APRNEWS) - Europe needs to prevent China from flooding the bloc's market with heavily subsidized electric vehicles, said European Commission President Ursula von der Leyen in Berlin on Wednesday.
"Fair competition is good. What we don't like is China flooding our market with heavily subsidized electric cars. And we have to address this, we have to protect our industry," said Von der Leyen, who met with Chinese President Xi Jinping alongside French President Emmanuel Macron this week.
The European Union is conducting an anti-subsidy investigation into Chinese electric vehicles to determine whether to impose punitive tariffs on them.
The investigation, officially launched in October, could last up to 13 months. The Commission can impose provisional anti-subsidy duties nine months after the start of the investigation.
Von der Leyen, speaking at the Christian Democratic CDU party convention, also urged EU Economy and Finance Ministers to finally come together to complete a long-debated Capital Markets Union.
"A better integrated union of capital markets would allow investing up to €470 billion ($505.25 billion) more annually in our startups and SMEs," she argued.
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