China should do more to stimulate domestic consumption, European businesses have declared, saying huge investment in electric vehicle capacity has caused “understandable” concern in the EU.
The EU last week announced an anti-subsidy probe over concerns Chinese exports could swamp its automotive industry as they previously did its solar panel sector.
China’s policymakers have emphasised boosting manufacturing and exports, particularly of electric vehicles, rather than supporting consumers as a way of bolstering its pandemic-damaged economy.
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