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Expert: trade disputes not a cause for concern |
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16:35, June 24, 2009 |
MOFCOM: raw materials export policy in line with WTO rules
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"China's adjustment of industrial material export policy is in line with the WTO rules", said Professor Zhao Zhongxiu, Dean of the School of International Trade and Economics of the University of International Business and Economics.
Zhao noted that China does not have to be over concerned over this WTO dispute, as it only involves a small amount of China’s export and WTO disputes always take as long as over one and half years to conclude. During that time, the market situation may change significantly and there will probably be no final settlement.
"China should learn to be used to dealing with trade disputes," said Zhao.
He further explained that the adjustment of export policy will encourage manufacturers of high energy-consuming and high pollution products to adopt new technologies in order to cut energy consumption as well as cost.
On June 22, the Ministry of Finance said in a statement that China will abolish export duties on some grains and industrial products and cut the duties for chemical fertilizers and nonferrous metals from July 1. This is an important measure to stabilize outbound demand. The rise of tariffs on some industrial materials indicates that China never abandon its long-term target and won’t sacrifice environment for economic growth. It is also beneficial to the whole world.
Currently, the world economy has not seen definitive signs of recovery yet. The major economies shall not apply trade retaliations to each other.
By People's Daily Online
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