The deal, described by Šefčovič as the result of "intense" negotiations since June, aims to curb a daily trade deficit of €1.18 billion (£1 billion) that has put pressure on European manufacturers. Chinese exports of hybrid cars, which combine an internal combustion engine with a small battery, have surged alongside pure battery electric vehicles, threatening jobs across Europe.
"It is the first time that China has accepted to moderate its exports without going through the phase of prior trade tension," Šefčovič said at a press conference in Beijing, referring to the usual investigations required before safeguards under World Trade Organisation rules can be imposed.
The commissioner said Chinese officials recognised the political pressure building in every EU member state, with "literally thousands of job losses" at risk from cheap imports not only in cars but also in chemicals and textiles. EU leaders were "clearly expecting very fast action" from the European Commission, he added.
Šefčovič described the deal as "a crucial first step, but only a first step." The agreement is part of a 16-point package that also covers negotiations on rare earth export restrictions and improved access for EU food and drink products to the Chinese market. Senior EU officials earlier this week said they were seeking a "proof of concept" pilot scheme they hoped could later be expanded to other sectors under pressure from Chinese competition.