When China joined the World Trade Organization in December of 2001, it agreed to let member countries treat it as a non-market economy for 15 years.
That allowed the U.S., EU and other WTO members to use prices from a third country as a benchmark to determine the true value of Chinese exports and impose heavy anti-dumping duties.
That clause by the World Trade Organization expired Sunday upgrading China to market economy status. 81 countries already acknowledge China as a market economy but the United States, the European Union and Japan are refusing to comply over concerns that cheap Chinese products could flood their markets.
To learn about the decision by the US, EU and Japan to refuse China market economy status, CCTV’s Yang Zhao reports from Beijing.
Tonight’s panel addresses the WTO decision and the China’s economy:
- Keyu Jin, professor at the London School of Economics.
- Shada Islam, director of Europe and Geopolitics at Friends of Europe.
- Yukon Huang, senior fellow of the Asia Program at the Carnegie Endowment for International Peace in Washington, D.C.
- Daniel Dalton, member of the European Parliament.
For more:
15 years in @wto: How did China become the world’s largest trading nation in goods & 2nd largest economy? pic.twitter.com/vuzlWZNJgc
— CGTN (@CGTNOfficial) December 11, 2016
Marking 15 yrs as WTO member, China shows world what being part of open economy can do in development: WTO official https://t.co/HwV9me1Y3S pic.twitter.com/24BOKDPkbY
— China Xinhua News (@XHNews) December 11, 2016
Japan announces not recognizing China as a market economy under @WTO , keeps anti-dumping tariff options open, Kyodo reports pic.twitter.com/3ZA5xvTqeh
— People's Daily, China (@PDChina) December 8, 2016
China approaches WTO in 'market economy' row – Shanghai Daily (subscription) https://t.co/y5bz1ueufI
— Shanghai big city (@Shanghaibigcity) December 12, 2016