New EU trade rules not in line with WTO: MOFCOM

Updated 2017-11-17 10:03:12 Global Times

New rules introduced by the European Parliament are not in line with WTO regulations, which will disturb the order of the global trade community, China's Ministry of Commerce (MOFCOM) said on Thursday in response to the EU's latest anti-dumping move.

Tougher EU rules to fight dumping and subsidized imports from third countries were passed by the European Parliament on Wednesday, according to the parliament's website.

The new rules will require trade partners outside the EU to meet international social and environmental standards, so as to prevent dumping.

The Chinese government has noticed that the new rules cancel "the list of non-market economy countries" while introducing the concept and standard of "significant market distortions," MOFCOM said.

This means the EU can ignore prices in an exporting country and base its judgment on prices in a third country or global prices to determine whether or not products are being dumped, and this does not comply with relevant global rules, according to MOFCOM.

Also, in a statement that MOFCOM posted on its website on Thursday, the ministry said China's outbound direct investment (ODI) in nonfinancial sectors fell 40.9 percent year-on-year from January to October as China's authorities have strengthened efforts to regulate irrational investment in overseas markets.

China's ODI reached .31 billion in the first 10 months, the MOFCOM data showed.

"Irrational investment in overseas markets has been effectively curbed," the ministry noted.

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