China urges NEV industry’s response to foreign trade restrictions

China’s Ministry of Commerce has issued guidelines to encourage the new energy vehicle (NEV) industry to respond actively to foreign trade restrictions, Reuters reported on Wednesday.

The guidelines also encouraged automakers to set up R&D and after-sales service centres abroad, to collaborate with foreign partners in building up supply chains, and to work more closely with shipping companies on transport logistics.

The measures aim to encourage Chinese banks to expand their services for automakers and their supply chains, both domestically and overseas, including increasing the scale of cross-border RMB settlements.

This comprehensive support for the NEV sector is a clear indication of China’s commitment to the development and global integration of its electric car industry. It’s a testament to the country’s ambitions to lead the global EV market.