European Commission President Ursula von der Leyen stated on Wednesday that Europe needs to prevent China from flooding the bloc's market with subsidized electric vehicles, Ednews reports.
"Fair competition is good. What we don't like is when China floods our market with massively subsidized electric cars. And we have to tackle this; we have to protect our industry," said von der Leyen. "A better-integrated capital markets union could make it possible to invest up to €470 billion ($505.25 billion) more per year in our start-ups and SMEs," she further added.
Von der Leyen's remarks come a day after she meets with French President Emmanuel Macron and Chinese President Xi Jinping, where the European Commission president insisted that "the world cannot absorb China's surplus production."