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China faces battle over market economy status

China is struggling to gain recognition as a market economy 15 years after accession to the WTOChina’s battle for recognition as a market economy that would help it avoid penalties from key trade partners has been thwarted, as a key clause in Beijing’s deal to join the WTO expires Sunday. As China marks the 15th anniversary of its accession to the WTO, the United States, European Union and Japan are maintaining tough rules that protect them from cheap Chinese products flooding their markets. An outraged Beijing said the failure of its major trade partners to grant China market economy status on December 11 as promised was an example of “covert protectionism” and “double standard” by the West.

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