The United States on Friday called on China to take steps to transform its approach to trade and embrace market policies as was anticipated when the country joined the World Trade Organization (WTO) two decades ago.
"Looking back over the 20 years since China's accession to the WTO, these members noted that China and its economy have greatly benefited from China's WTO membership, but China has not taken the anticipated steps to transform its state-led, non-market approach to trade and the economy. These members, therefore, called once again for China to embrace open, market-oriented policies," said US Trade Representative (USTR) in a statement.
Problems with China's trade regime identified by WTO members include policies that skew the playing field against foreign competition, preferential treatment of state-owned enterprises, forced technology transfer and inadequate regulatory transparency, the statement said.
Almost all of the aforementioned problems persist despite having been identified during the WTO's China's trade policy review three years ago, the statement added. However, the United States holds out hope that China will take the initiative to address the problems now, it added.
The United States on Wednesday had expressed concern with China's trade regime involving China's industrial policies.
"While other WTO Members also seek to help their industries develop, China's approach is materially different. China's industrial policies go well beyond guiding and supporting domestic industries," said David F. Bisbee, US Charge d'Affaires, Permanent Mission of the United States to the WTO. (ANI)