On Monday, China’s foreign ministry commented that it is the United States, not China, which threatens the global trade system, following U.S. President Donald Trump’s administration called U.S. support for Beijing’s becoming part of the World Trade Organization a mistake.
WTO regulations have proved ineffective in making China utilize a market-oriented trade method, and the United States “erred” in suporting China’s entry to the trade body on such terms, according to the office of the U.S. Trade Representative.
Its report surfaced as Trump mulled over a series of trade actions against Beijing, including a decision in a “Section 301” investigation into China’s alleged theft of intellectual property, expected in the next few weeks.
Foreign Ministry spokeswoman Hua Chunying stated that since China joined the WTO in 2001, the country has meticulously followed the it’s rules, fulfilled its obligations and added to the development of the system. Chunying added that other countries have benefited from trade with China, which has supported an open global economy.
“I think everyone has seen that it’s precisely the United States’ unilateralist methods, and the sounds it’s made on unilateralism, that are an unprecedented challenge to the multilateral trade system,” Chunying stated.
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“Many WTO members have already expressed worry about this. So we hope the United States can correctly view China and at the same time take their own actual steps to protect the multilateral trading system” she added.
China strives to depict itself as a winner regarding global trade in the face of Trump’s “America First” policies. White House officials have stated that China has failed to follow through on their word to move toward a market-oriented economy.
In an interview last week, Trump said that he was thinking about a large “fine” against the country for obliging U.S. companies to transfer their intellectual property to China as a cost of doing business there.
In Beijing, several experts consider that Washington is reluctant to pay the large economic price required to disrupt existing trade dynamics between the two countries, which includes China’s record high trade excess of $275.81 billion with the U.S. last year.