China's EV Edge: Innovation, Not Subsidies

China's Minister of Commerce Wang Wentao stated that the rapid growth of the country's electric vehicle industry is due to constant innovations, not subsidies, and dismissed allegations of "overcapacity" by the US and Europe. The EU has launched an investigation into Chinese EV imports to determine if tariffs should be imposed to offset state subsidies. US Treasury Secretary Janet Yellen expressed concerns about Chinese industrial overcapacity and is in China for discussions on managing the bilateral economic relationship and advocating for a level playing field for American workers and firms.