Beijing/IBNS: China's long fought war to gain market-economy status received a jolt last week when it lost the landmark World Trade Organization dispute against the European Union, media reports said.
"The Chinese government allowed a landmark World Trade Organization dispute — aimed at forcing the European Union to recognize it as a market economy in trade investigations — to lapse on June 15," reports Bloomberg.
The case was initially brought in 2016 and China had lost an interim ruling on the matter last year, reported the media outlet.
By ending the dispute China now provides the EU with greater legal certainty to combat low-price Chinese exports with artificially high tariffs.
The resolution is a major setback for China as the EU steps up efforts to limit its expansionist practices into the continent.
On the same day that China allowed the dispute to lapse, the EU announced an unprecedented attempt to block Beijing’s subsidies to exporters. The 27-nation bloc will also unveil a proposal this week to protect European companies from Chinese takeovers, reports Bloomberg.
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