EU trade envoy eyes yawning goods deficit on first day of China visit
Summary
The EU's trade commissioner, Maros Sefcovic, began talks in Beijing with Chinese officials to address a large trade gap where the EU buys more goods from China than it sells there. He aims to balance this difference, especially noting the rise of Chinese hybrid cars in the European market.Key Facts
- Maros Sefcovic, the EU trade commissioner, visited Beijing for two days of talks with China.
- The main goal is to reduce the large trade deficit the EU has with China.
- The EU imports more goods from China than it exports to China, creating an unsustainable trade imbalance.
- Chinese hybrid cars now make up 25% of the European market for these vehicles.
- Talks focus on rebalancing trade, especially in important sectors like the auto industry.
- The visit signals ongoing efforts by the EU to strengthen trade relations and address trade challenges with China.
- The trade deficit refers to buying more goods from another country than selling to it.
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