China invites EU to conduct face-to-face negotiations on EV tariffs: spokesperson

China has officially invited the European Union (EU) to send a technical team to China to continue the next phase of face-to-face consultations on the EU's anti-subsidy case involving Chinese electric vehicles (EVs) to work out a solution through dialogue and consultation, said a spokesperson of the Ministry of Commerce on Saturday.

China's Minister of Commerce Wang Wentao held talks with European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis on Sept. 19, during which they agreed to push forward negotiations on a price commitment agreement and fully committed themselves to achieving a mutually acceptable solution through dialogue and consultation.

The technical teams from the two sides have conducted eight rounds of intensive negotiations in the 20 days beginning Sept. 20 in Brussels, said the spokesperson.

The two sides have yet to reach a mutually acceptable solution on the case despite important progress in certain areas, said the spokesperson.

During the latest round of negotiations, China has fully considered the demands and opinions of both Chinese and European industries, and repeatedly proposed pragmatic and constructive solutions to address the EU's concerns, demonstrating its utmost sincerity and flexibility, the spokesperson said.

"However, it is regrettable that the EU has failed to actively respond to the matters related to the core concerns of both Chinese and European industries."

Chinese enterprises, including EU-invested companies in China, have authorized the China Chamber of Commerce for Import and Export of Machinery and Electronic Products to propose a price commitment plan that represents the overall position of the industry.

Commenting on recent reports of the EU holding separate price commitment talks with certain companies, the spokesperson warned that such actions could "undermine the foundation of the negotiations and mutual trust."

China hopes that the EU will arrange its technical team's visit to China as soon as possible to push forward the dialogue and consultation in a constructive manner so as to reach an appropriate solution at an early date, the spokesperson said.

China invites EU to conduct face-to-face negotiations on EV tariffs: spokesperson

China invites EU to conduct face-to-face negotiations on EV tariffs: spokesperson

Substantial fiscal stimulus measures unveiled by China's Ministry of Finance on Saturday will effectively assist local governments in dissolving the debt risks they are confronting, said a Chinese economist.

China will introduce a package of targeted incremental fiscal policy measures in the near future to boost the economy, Minister of Finance Lan Fo'an told a press conference on Saturday.

The package includes increasing the debt ceiling on a relatively large scale in a lump sum to replace the "hidden" debts of local governments and help defuse their debt risks.

The special purpose bonds in the package that aim to tackle this issue total some 2.3 trillion yuan (about 325.17 billion U.S. dollars), available for use from October to December this year.

"Local governments encounter many constraints due to their restricted fiscal capacity caused by hidden debts. The central government's decision to increase the quota of special-purpose bonds for local authorities helps enhance the transparency and regulation of their hidden debts. Moreover, this would result in lower financing costs for local governments, alleviating their burdens and enabling them to focus on promoting production and ensuring the well-being of the people," said Qiao Baoyun, dean of the China Academy of Public Finance and Public Policy at Central University of Finance and Economics.

The central finance has arranged a local government debt limit of over 2.2 trillion yuan (310 billion U.S. dollars) in 2023, and an additional 1.2 trillion yuan (170 billion U.S. dollars) in 2024 to support localities, especially high-risk areas, in resolving existing debt risks and clearing arrears owed to enterprises, Lan said the press conference.

"This time, the stimulus is substantial. It's not just a one-time effort but part of a series of measures. Depending on the outcome of these policies and the shifts in the socio-economic landscape, the Ministry of Finance may introduce more policies in the future," said Qiao.

Special purpose bonds crucial for local governments in dissolving debt risks: economist