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Last updated at: (Beijing Time) Wednesday, October 09, 2002

EU Urged to Recognize China's Status as Market Economy

A senior Chinese foreign-trade official on Monday urged the European Union to recognize China's status as a market economy as early as possible in order to promote economic and trade relations.


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A senior Chinese foreign-trade official on Monday urged the European Union to recognize China's status as a market economy as early as possible in order to promote economic and trade relations.

The EU should appraise the great achievements made by China in developing its economy and recognize that China has already established a market economy, said Wang Shichun, director of the Fair-Trade Bureau for Imports and Exports with the Ministry of Foreign Trade and Economic Co-operation.

Wang was addressing an EU-China anti-dumping forum in Brussels.

He said that, with more than two decades of reform and opening-up, China has transformed its planned economy to an open and market-oriented economy.

However, the EU has not yet recognized China's status as a market economy and this is "unfair,'' said Wang.

In 1998, the EU removed China from the EU list of countries without a market economy. The EU currently regards China as a country that is transforming itself into a market economy rather than a country that already has a market economy.

The issue concerning the status of China's economy has become a big problem for Chinese enterprises when dealing with anti-dumping problems with the EU, according to Wang.

The definition that the EU gives to a country's economy affects the value that the EU puts on that country's goods in anti-dumping investigations.

This has severely hindered the development of bilateral trade, he added.

The recognition that China has a market economy will be beneficial to both sides, said Wang.

An EU official told the forum that the EU is willing to hold discussions with China over the matter, Xinhua reported.

According to incomplete statistics, the EU has conducted 91 anti-dumping investigations related to Chinese goods. More than 40 of the 91 cases are still being investigated.


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