China's Minister of Commerce Wang Wentao slammed accusations of "overcapacity" by the U.S. and Europe, saying they are "groundless," according to a Xinhua report. Wang made the remarks during a roundtable discussion in Paris on Sunday with representatives from more than 10 Chinese companies including BYD and CATL. U.S. Treasury Secretary Janet Yellen on Saturday said she was "particularly concerned" about the economic impact from Chinese industrial overcapacity.
Newly launched BYD Seal is displayed during the launch of the Chinese-made BYD brand in Jakarta, on January 18, 2024, and at the same time introduced 2 other types of battery-powered vehicles (EV, electric vehicle) that will be sold in Indonesia, with an investment of 1.3 billion US dollars. (Photo by BAY ISMOYO / AFP) (Photo by BAY ISMOYO/AFP via Getty Images)China's Minister of Commerce Wang Wentao has said that the speedy rise of the country's electric vehicle firms was not because of subsidies, but due to "constant innovations."Wang made the remarks during a roundtable discussion in Paris on Sunday with representatives fromthat the Chinese EV industry has "made an important contribution to the global response to climate change as well as green and low-carbon transformation." He also said the Chinese government will protect the "legitimate rights and interests" of Chinese firm
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