- China's Vice Commerce Minister Wang Shouwen objects to "excessive" agriculture subsidies used exclusively by developed countries, saying some member states in the World Trade Organization have exploited loopholes in the organization's system, Reuters reports.
- He contends that WTO's existence faces a "profound crisis."
- Reforms should remediate some countries' discrimination against investments by other countries and companies and shouldn't be used to deprive China of its right to be treated as a developing country, Wang said.
- He also opposed criticism of "normal" state-owned enterprises and industrial subsidies and "normal sharing of technological innovations."
- The U.S. has criticized China for its subsidies to SOEs , overcapacity in steel and other basic industries, an its practice of forcing investors to hand over technology.
- Previously: WTO to set up panels to rule on U.S. tariff disputes; steelmakers rise (Nov. 21)
- Previously: China: US chip block violates WTO rules (Nov. 13)
- ETFs: FXI, YINN, YANG, MCHI, GXC, FXP, PGJ, CN, TDF, CHN, CXSE, XPP, FCA, YAO, YXI, KGRN, FLCH, WCHN
- Now read: Chart Of The Week: Politics, Policy, And The Chinese Bear Market
Original article