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International relations

US opposes granting China market economy status

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December marks the 15th anniversary since China joined the WTO.   © Reuters

WASHINGTON -- The U.S. government announced on Wednesday that it does not support granting China market economy status under World Trade Organization rules.

Currently, the WTO designates China as a nonmarket economy and imposes stringent conditions on the country's trade activities, including anti-dumping measures.

During a news conference after the China-U.S. Joint Commission on Commerce and Trade in Washington, U.S. Secretary of Commerce Penny Pritzker said China has not yet transitioned to a market economy.

The U.S. made the decision ahead of a review scheduled for December, which will mark the 15th anniversary since China joined the WTO, based on strong criticism over China's practice of dumping steel on international markets.

If China is recognized as a market economy, it would be difficult for WTO members to slap anti-dumping tariffs on Chinese imports.

On the campaign trail, U.S. President-elect Donald Trump said his administration would take measures against China, which could intensify trade conflicts between the two countries.

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