China is progressively undermining the penalty provisions of its WTO protocol of accession that allow other countries to use prejudicial anti-dumping rules on imports from China. It’s time for Australia to offer the same recognition to our number three trading partner bq. The decision follows a two-day visit to Buenos Aires by Hu Jintao, China’s president, in which the two countries signed letters of intent that could lead Chinese companies to invest nearly $20bn (€15bn, £11bn) in Argentina over the next decade. Chile, the host of this year’s Asia Pacific Economic Co-operation (Apec) summit, is widely expected to follow Argentina. Brazil granted China market-economy status last Friday. (“Financial Times”:http://news.ft.com/cms/s/7d28587e-39bf-11d9-b822-00000e2511c8.html) The penalty dumping provisions, inserted by the USA and EU in the agreement that let China into the WTO have nothing to do, in fact, with an assessment of whether China is a market economy. The tag is pure marketing. But there’s plenty of evidence that China is becoming a more market-driven economy every day. Take “this”:http://news.ft.com/cms/s/548f8a5e-399c-11d9-b822-00000e2511c8.html report fromt the Financial Times (sub) today, about China’s decision to start using interest rate controls instead of ‘administrative guidance’ in setting controls on the growth of credit supply through the banks.
Peter Gallagher is student of piano and photography. He was formerly a senior trade official of the Australian government. For some years after leaving government, he consulted to international organizations, governments and business groups on trade and public policy.
He teaches graduate classes at the University of Adelaide on trade research methods and the role of firms in trade and growth and tweets trade (and other) stuff from @pwgallagher