This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/590154-china-probe-eu-brandy-imports/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| China launches probe into EU brandy imports | China launches probe into EU brandy imports |
| (32 minutes later) | |
| The anti-dumping investigation follows Brussels’ own probe into a “flood” of cheap Chinese electric vehicles | The anti-dumping investigation follows Brussels’ own probe into a “flood” of cheap Chinese electric vehicles |
| China has begun an anti-dumping investigation into the import of competitively priced brandy from the European Union, the country’s commerce ministry announced on Friday. | China has begun an anti-dumping investigation into the import of competitively priced brandy from the European Union, the country’s commerce ministry announced on Friday. |
| The probe follows a complaint submitted by the country’s domestic brandy industry, the ministry’s announcement said. Dumping occurs when producers export their product to another country at a price below fair market value, harming local manufacturers. | The probe follows a complaint submitted by the country’s domestic brandy industry, the ministry’s announcement said. Dumping occurs when producers export their product to another country at a price below fair market value, harming local manufacturers. |
| According to Bloomberg, Chinese authorities are targeting French cognac producers, specifically Pernod Ricard and Remy Cointreau. | |
| The probe comes nearly four months after European Commission president Ursula von der Leyen complained about global markets being “flooded” with Chinese electric cars (EVs), which are cheaper and, she claimed, have kept prices artificially low through “huge” state subsidies. In October the EU opened an anti-subsidy probe into EV imports from China. | The probe comes nearly four months after European Commission president Ursula von der Leyen complained about global markets being “flooded” with Chinese electric cars (EVs), which are cheaper and, she claimed, have kept prices artificially low through “huge” state subsidies. In October the EU opened an anti-subsidy probe into EV imports from China. |
| France was the main backer of Brussels’ investigation, with carmakers Renault and Stellantis particularly exposed to a threat coming from cheaper competitors, Bloomberg noted. | France was the main backer of Brussels’ investigation, with carmakers Renault and Stellantis particularly exposed to a threat coming from cheaper competitors, Bloomberg noted. |
| China imported $4.5 billion worth of alcoholic drinks in 2022 with French brandy being the most-imported spirit, according to the Financial Times, citing China-based market research group Daxue Consulting. | China imported $4.5 billion worth of alcoholic drinks in 2022 with French brandy being the most-imported spirit, according to the Financial Times, citing China-based market research group Daxue Consulting. |
| China’s commerce ministry said the timeframe for its probe into imported brandy is one year and that it may be extended by another six months. | China’s commerce ministry said the timeframe for its probe into imported brandy is one year and that it may be extended by another six months. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |