GENEVA (BLOOMBERG) - China spent four years fighting for market-economy status, a designation that would give it stronger footing with commercial partners while also curtailing their ability to retaliate over trade disputes.. Read more at straitstimes.com.
GENEVA - China spent four years fighting for market-economy status, a designation that would give it stronger footing with commercial partners while also curtailing their ability to retaliate over trade disputes.The Chinese government allowed a landmark World Trade Organisation dispute - aimed at forcing the European Union to recognise it as a market economy in trade investigations - to lapse on June 15.
The resolution is a major set-back for China as the EU steps up efforts to limit its expansionist practices into the continent. China decided to drop the matter after the WTO, in an interim ruling, rejected the argument that Beijing's 2001 agreement to join the WTO automatically granted it the right to be treated as market economy in anti-dumping investigations after 15 years.
The US and EU do not consider Chinese prices reliable, and for decades they have calculated Chinese anti-dumping duties in ways that disregard Chinese costs and prices in favour of data from third countries that adhere to free-market forces.
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