Daily Management Review

China Hopes That EU Will Grant Its ‘Market Economy Status’


03/14/2016


According to the commitments made by the EU, China should receive a “market economic status” by the end of the year. However, at present, the said issue has become a debatable subject.



China urged the European Union to abide by the rules and regulations of the World Trade Organization and in turn to cease “its unfair treatment” towards China.
 
The said remark was made by the spokesperson of “Foreign Ministry”, Hong Lei which came after the comments of Trade Minister’s of the European Union, Cecilia Malmstrom’s were received. Lei’s remark strongly suggests the European Union to keep up “solid” trade defences even in case it chooses to “grant China market economy status”.
 
China became a part of the World Trade Organisations in the year of 2001, whereby as per the protocol of the latter, the former is to “automatically transit to a market economy for Europe” by the 11th of December 2016, marking the fifteenth anniversary of its joining the WTO.
 
Meanwhile, Europe has been insisting that the matter of granting the said status to China is a debatable issue which should be encouraged, whereas Hong notes that it has “fulfilled its obligations since becoming a member of WTO” and states:
"We've heard different opinions on China's market economy status from the EU recently”.
 
Till date, as many as eighty countries like Australia, Russia, Singapore and New Zealand have given the due recognition of “a market economy” to China. At present, China holds the “second largest trading partner” of the European Union besides being among the “biggest markets for the 28-member bloc”.
 
The European Union holds the status of “an important member” at the WTO, whereby providing a “vital” support in “multilateral trade and international legal systems”, informs Hong. Moreover, he also adds that China is hopeful that the European Union will keep its words and carry out its “commitments” by granting China an entry into the World Trade Organisation.






References:
http://news.xinhuanet.com/
 







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