China refutes accusations of ‘overcapacity’ made by US, others at WTO

Refuting accusations of ‘overcapacity’ made by the United States and some other countries at a recent World Trade Organization (WTO) meeting, China said there is no universally-recognised standard or methodology to define overcapacity.

At a meeting of the WTO committee on subsidies and countervailing measures, the Chinese delegation condemned US ‘reciprocal tariffs’ and discriminatory subsidy policies for seriously undermining WTO rules.

Refuting accusations of ‘overcapacity’ made by the United States and some other countries at a recent WTO meeting, China said there is no universally-recognised standard or methodology to define overcapacity.
At a meeting of the WTO committee on subsidies and countervailing measures, China condemned US ‘reciprocal tariffs’ and discriminatory subsidy policies for seriously undermining WTO rules.

A WTO member’s production can not only meet its own needs, but also enable it to participate in global trade and market competition based on its comparative advantages, the delegation highlighted.

The ‘overcapacity’ narrative hyped up by the United States and some other members runs counter to the logic of economic globalisation, instead revealing concerns over competition and market share, a state-controlled news agency reported.

‘Overcapacity’ is a poor excuse to justify unilateral and protectionist measures, the Chinese delegation stressed.

It noted that China’s industrial development and competitive advantages are not the result of subsidies, but rather of continuous technological innovation and coordinated development.

The delegation said that China attaches great importance to trade policy compliance. By consistently making its trade policies, including subsidy policies, in line with WTO rules and transparency requirements, China is firmly committed to the multilateral trading system.

The delegation said that US practices not only deviate from the objective laws of the market economy, but also seriously disrupt the order of international trade and investment.

Fibre2Fashion News Desk (DS)

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