China firmly opposes biased remarks made at G7 summit: spokesperson

(ECNS) -- Chinese Foreign Ministry spokesperson Guo Jiakun on Wednesday expressed firm opposition to what he described as "baseless and biased remarks" made at the G7 Summit, saying they reflect double standards. His comments came in response to European Commission President's accusation on June 16 that China is ignoring global trade rules, heavily subsidizing domestic firms, weaponizing its dominant position in rare earths, and flooding global markets with overcapacity.

Guo stressed that China's industrial subsidy policy follows the principles of openness, fairness, and compliance, and strictly adheres to the WTO rules. "Chinese industries have thrived because of China's hard work on innovation, well-established industrial and supply chains, participation in full market competition, and abundant human resources. They rely on their abilities, not subsidies," he said.

He noted that China's new energy sector has contributed enormously to global climate actions and energy transition. The so-called overcapacity story is nothing but a pretext used by relevant countries to go protectionist, simply because they fear for their own competitiveness and market shares. The problem is not "overcapacity", but "over-anxiety".

Guo said that in recent years, the EU has been adopting industrial policies with massive subsidies and support for European companies. It even publicly called for a "European preference". Available data shows that from 2021 to 2030, the EU will provide more than EUR 1.44 trillion worth of subsidies. By 2024, over EUR 300 billion of subsidies had already been issued. The EU also rolled out a series of economic and trade toolkits. The EU is working to boost its growth and competitiveness. That requires giving up double standard, being more open and embracing cooperation.

"Let me point out that over the past 50 years since the establishment of diplomatic ties, China-EU cooperation has borne fruitful results that have benefited both sides. China will stay committed to high-standard opening-up. This will continue to provide vast market and growth opportunities to European companies. China stands ready to increase communication and coordination with the EU, properly handle trade differences, and achieve win-win and shared prosperity. That said, we firmly oppose any attempt to hurt China's right to development or even assert one's own interests at China's expense," he concluded.

(By Evelyn)