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China hit hardest by trade protection rules
14
Mar '11
China has expressed its displeasure against trade protection rules of WTO and trade frictions against China by some countries. At the meeting to commemorate tenth anniversary of China's accession to the WTO, ombudsman Song He Ping from Import and Export Fair Trade Department of the Ministry of Commerce forecasted that China would be the hardest hit country by trade protection rules of WTO during the Twelfth Five-Year Plan period too.

At the meet organized by CCPIT on March 1, 2011, for the Chinese business community, he told that with China becoming to a great trading power, trade frictions would go up. He advised on being alert about three traits: long term, necessity and complexity

According to reports, world economy is on a path of recovery, but trade protectionism is still a major obstacle and China has become not only a target country but a victim of trade protectionist countries. Because of international financial crisis, major economies are very cautious and their economic recovery process show further differentiation with trade protectionism at rise.

As per available data, China's share in world export is 9.6 percent but China suffered a lot because of harsh WTO rules as 40 percent of anti-dumping cases are against China. Not only that, but 75 percent of countervailing cases and 43 percent of total investigation cases worldwide during the same period are against China. In 2010 China suffered 66 trade remedy investigation cases, involving US $7.7 billion.

As trade friction becoming more politicized, international trade protectionism is at rise with some new features. First, some countries have converted their trade policy into a weapon to subsidies domestic conflicts and easing employment pressure.

They have changed domestic policies of trade partner countries by using trade friction combining their domestic policies with low carbon and other issues. Now they emphasize more on to export their own development.

Second, some countries attempt to delay growth of emerging economies through frequent trade frictions and have increased bargaining.

Third, trade friction in some non-traditional areas has greatly increased. A new front has been opened with RMB exchange rate, innovation, new energy policy, intellectual property protection, investment environment, market access, etc. becoming new hot spots of trade frictions.

In 2010 China suffered trade frictions not only from developed economies like the U.S. and EU but also from Brazil, Argentina, India and other developing countries aimed both at China's traditional industries as well as high-tech industries.

Fibre2fashion News Desk

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