Japan keeps non-market economy stance on China
Updated 2016-12-09 08:46:47
Japan on Thursday continued not to recognize China as a “market economy” under the World Trade Organization without changes to the country’s policies, a stance that will leave tariffs on Chinese exports within its “anti-dumping” mechanism.
Japan is seeking a united front with the U.S. and the EU to pressure China to deal with its steel oversupply and other economic distortions, the Nikkei Asian Review reported.
China said in May that Europe’s refusal to grant it the market economy status was not constructive. “As the world’s second largest economy and biggest trading partner for more than 130 countries, China has become a bedrock for protecting global free trade. We don’t want people to continue to look at China through colored glasses,” Chinese Foreign Minister Wang Yi said.
Since China’s entry into the WTO in 2001, it has taken concrete steps to lower tariffs. By 2010, China’s overall tariff level had dropped to 9.8 percent from 15.3 percent, the Xinhua News Agency reported in May.
China’s WTO Accession Protocol in 2001 gave China 15 years to gradually open up its economy.