Beijing is accelerating its push for World Trade Organisation market economy status (MES) despite growing international criticism that it has backed away from difficult economic reforms.
China’s moves to devalue the renminbi and bail out its stock market, among other steps, have raised concerns that it is backtracking from efforts to give a freer reign to market forces. Undeterred, the renewed drive for the coveted MES comes ahead of upcoming summit meetings with four of its largest trading partners, according to people familiar with the discussions.
A provision in China’s WTO accession agreement that allows other countries to treat it as a non-market economy will expire in December 2016, potentially requiring the EU to begin drafting new trade legislation by the end of this year.