China is unhappy to euro's policy

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Date Posted:
2012-02-29
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China said a European Union investigation into Chinese steel products would damage joint efforts to cope with the euro zone debt crisis, suggesting that Beijing may link its aid to concessions on trade and other matters.

China's Ministry of Commerce said “China is intensely displeased about the EU's anti subsidy investigation into organic coated sheet steel products imported from China and the move will send a wrong signal of trade protectionism to the world.”

Ministry of Commerce said it is a violation of World Trade Organization rules to simultaneously investigate the same products for dumping and subsidy violations.

It added “The investigation will not only cast a shadow over normal steel trade between Europe and China, it will also harm efforts for China and Europe to jointly respond to the crisis.”

It also said “Currently, as the world economy has still not cast off difficulties from the global financial crisis, and many European Union countries are mired in a sovereign debt crisis, every country should be taking a cooperative, open and inclusive attitude to jointly respond to the crisis.”

The statement marks the most explicit link yet drawn by China between its aid to Europe and trade frictions.

Last week, Chinese Premier Mr Wen Jiabao said at a news briefing that China is preparing to increase its involvement in Europe's sovereign bailout fund, the European Financial Stability Facility, while adding later that he also hopes Europe can be prudent in taking trade actions against China.


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