An understanding reached by China and the European Union (EU) on hybrid vehicles is reciprocal and mutually beneficial, a spokesperson for China's Ministry of Commerce said Friday, noting that claims that EU pressure had yielded results are entirely unfounded.
The understanding, reached on the basis of three principles agreed upon by both sides -- compliance with World Trade Organization (WTO) rules, respect for facts and non-discrimination -- has effectively safeguarded the practical interests of Chinese enterprises, addressed the EU's concerns and prevented an escalation of China-EU trade frictions, the spokesperson said in response to a question.
The purpose of China-EU economic and trade consultations is to properly handle differences and address each other's concerns through dialogue and consultation, the spokesperson said, stressing that both sides should demonstrate sincerity in resolving problems.
The EU should not expect to gain benefits by exerting pressure, nor should it underestimate China's determination and ability to safeguard its own interests, the spokesperson said.
The spokesperson urged the EU to meet China halfway and promote the sound and steady development of China-EU economic and trade relations.
China dismisses claims of EU pressure yielding results in hybrid vehicle talks
China dismisses claims of EU pressure yielding results in hybrid vehicle talks
China has completed this year's issuance of ultra-long special treasury bonds, bringing the total to 1.3 trillion yuan (about 193 billion U.S. dollars), after the Ministry of Finance issued such bonds to raise an additional 20 billion yuan on Friday.
The issuance is in line with this year's government work report, which proposed raising 1.3 trillion yuan through the bonds to support projects for implementing major national strategies and building security capacity in key areas, as well as large-scale equipment upgrades and consumer goods trade-in programs.
Of the total, 800 billion yuan was allocated to projects for implementing major national strategies and building security capacity in key areas.
Meanwhile, 250 billion yuan was used to support consumer goods trade-in programs, and 200 billion yuan to support large-scale equipment upgrades.
Furthermore, 50 billion yuan was earmarked for the establishment of a special fiscal-financial coordination fund to boost domestic demand.
Ultra-long special treasury bonds are an important component of China's current fiscal policy toolkit. Since 2024, China has issued such bonds for three consecutive years, reflecting the continued targeted efforts of a more proactive fiscal policy, according to analysts.
The bond issuance has injected momentum into consumption by boosting consumer goods trade-in programs. Driven by the trade-in programs, retail sales of communication equipment, high energy-efficiency home appliances, and wearable smart devices have maintained rapid growth.
In the first eight months of this year, trade-in programs covered 208 million transactions, involving the sales of 5.35 million vehicles, more than 91 million home appliances, and 108 million digital and smart products, official data showed.
China raises 1.3 trillion yuan via ultra-long special treasury bonds issuance in 2026
