China, EU reach deal to 'moderate' China's car exports to EU

European Trade Commissioner Maros Sefcovic announced on Friday that China and the European Union had reached a deal that could cut Chinese exports of hybrid cars to the EU by more than half. This announcement followed two-day talks in Beijing aimed at reducing the EU's growing trade deficit with China. Earlier, Sefcovic said this week's talks were the culmination of three months of intensive work. According to Sefcovic, the deal would "moderate China's export of hybrids and plug-in hybrids to the EU." He added that this opens the prospect of cutting China's exports by more than half, based on projections over a four-year period. "By this step, we're actually preventing several millions of cars exports from China to the European Union," Sefcovic said.