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China deserves market economy status, says former commerce minister

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China deserves market economy status, says former commerce minister

China must be recognized as a "market economy" as the country's multilateral trading system has benefited the global economy for more than a decade, Wei Jianguo, former vice-minister of commerce, said in a Dec. 5 China Daily report.

He said this after the U.S., in a filing made public Nov. 30, told the World Trade Organization that China should not be considered a market economy. The filing was submitted as a third-party brief in support of the European Union in its dispute with China.

Wei, who is vice-president of the China Center for International Economic Exchanges, a government think tank, also accused the U.S. of reneging on its commitments before the WTO.

He said the U.S. and the EU continue to use production costs in a third country to calculate the value of products from countries on their "non-market economy" list, including China, even when the surrogate country approach already expired on Dec. 11, 2016.

The Ministry of Commerce in a Dec. 2 statement also said: "China is strongly dissatisfied and resolutely opposes the rejection, as the U.S. government tried to mix the concepts of the surrogate country approach and market economy status to mislead the public."

It added that the case "has nothing to do" with whether China has been recognized as a market economy as "there are no standards in WTO rules for the status."