Mon, May 16, 2022 @ 18:32 GMT
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US ambassador to WTO: China is incompatible with the open, market-based approach

At the WTO Trade Policy Review of the US, the country’s ambassador Dennis Shea complained that China’s ” state-led, mercantilist approach to the economy and trade” and actions are “incompatible with the open, market-based approach” of the WTO and its members. At the same time, “he further criticized that “the WTO is not well equipped to handle the fundamental challenge posed by China”.

He elaborated and said “China pursues an array of non-market industrial policies and other unfair competitive practices aimed at promoting and supporting its domestic industries while simultaneously restricting, taking advantage of, discriminating against, or otherwise creating disadvantages for foreign companies and their goods and services.”

And, “from forced technology transfer to the creation and maintenance of severe excess industrial capacity to a heavily skewed playing field in China, the results of China’s approach are causing serious harm to the United States and many other WTO Members and their companies and workers.”

On the other hand, he hailed that the US “maintains one of the world’s most open trade regimes that is firmly based in the rule of law and that is a powerful engine for global growth”. The US continues to “seek trade liberalization and will deepen our relationships with countries who share our commitment to fair market competition and reciprocity.”

Shea’s full statement here.

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