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Xi Jinping denies China’s overproduction that worries Europe

Paris, May 6 (Prensa Latina) The president of China, Xi Jinping, denied today in Paris the overproduction attributed to his country due to state subsidies, a scenario that the European Union (EU) uses to allege a threat of invasion of cheap products .

Beijing’s alleged overcapacity and the EU’s inability to take on the avalanche of goods and products from the Asian giant was one of the topics of this morning’s trilateral meeting between the Chinese leader, the host president, Emmanuel Macron, and the president of the European Commission, Ursula von der Leyen.

According to the Chinese side, on the first day of the state visit to France, Xi Jinping insisted that the alleged excess industrial capacity does not exist, “neither from the point of view of comparative advantage nor in light of global demand.” ”.

In this sense, the dignitary told his interlocutors at the Elysée Palace that the Chinese industry in the field of renewable energy makes it possible to increase global supply and mitigate inflationary pressure.

Following the meeting, Von der Leyen told the press that the EU is ready to take firm decisions to protect its economy.

Previously, the president of the European Commission stated in the trilateral meeting that the bloc of 27 member states and China maintain a trade of 1.3 billion euros per day, which she considered threatened by the overcapacity of the economic superpower, supposedly derived from the subsidies.

For his part, Macron advocated at the meeting for equity and balance in relations. Under the argument of overcapacity and subsidies, the EU launched a crusade of investigations into sectors such as electric vehicles and steel, a position that Beijing calls protectionist and to which it responds with similar investigations, for example into French cognac.

Regarding French cognac, Macron welcomed Xi Jinping’s desire not to have this measure applied.