China to push reforms despite market economy status

China to push reforms despite market economy status

Beijing, July 22 (IANS) Chinese Prime Minister Li Keqiang on Friday said Beijing will continue pushing market-based reforms regardless of whether the European Union (EU) grants it the status of a market economy.

“Granting the status of a market economy does not depend on any individual, country or organisation, because there is no universally accepted standard,” said Li at a press conference in Beijing on the occasion of the 1+6 Roundtable, that comprises China and the International Monetary Fund, World Trade Organisation, World Bank, International Labour Organisation, Organisation for Economic Co-operation and Development, and the Financial Stability Board.

The debate about the EU conceding market economy status to China — something that other economic powers, including the US and Japan also have to undertake — stems from the above cited protocol.

The decision, which would change the way anti-dumping penalties on Chinese products is calculated, is of symbolic importance to China.

Meanwhile, WTO Director-General Roberto Azevedo said at the briefing that the situation is governed by the terms of the protocol and not subject to negotiation.

In a less conciliatory tone, the Chinese Ministry of Commerce asked the EU to stop using its old anti-dumping probe method, and added that to continue to do so would be contrary to the WTO protocol.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here