China Introduces Measures to Support NEV Trade Cooperation and Development

On February 7, 2024, the Ministry of Commerce (MOFCOM) released the Guidelines on Supporting the Cooperation and Healthy Development in the Trade of New Energy Vehicles (the “Guidelines”) to introduce 18 measures in seven aspects.

The Guidelines include improving the export procedures of new energy vehicles (NEVs) and power batteries, formulating technical standards on the use of passenger car containers, and studying the technical proposal for the application of power batteries in railway transport; encouraging banking institutions to provide financial services for the domestic and foreign upstream and downstream supply chain in the NEV industry, to conduct export credit insurance, and to set the risk tolerance for export credit insurance in the NEV, power batteries and other industries; supporting NEV firms and related enterprises in conducting the pilot program for a higher-level trade and investment facilitation; promoting the alignment of domestic and foreign standards in the fields of NEVs, charging facilities and power batteries, and helping enterprises tackle trade restrictions imposed by foreign countries.