Geneva: Amid the ongoing dispute with India, China has suffered a major setback at the international level. The Communist Party of China (CCP) has lost in the ongoing dispute with the European Union (EU) in the World Trade Organization (WTO). After this defeat of China, it’s market economy status has come to an end. China had been pressuring the European Union for the last four years to accept China as a market-based economy.
Anti-dumping duty to be levied on Chinese goods in the US and Europe. In fact, the European Union argues that China gives too much subsidy to most of its industries including steel and aluminum. Due to this, the prices of Chinese products are reduced in the international market. Now after this decision against China, both the EU and the US will be able to impose a huge anti-dumping duty on China’s goods. This will increase the prices of Chinese goods.
China’s economy will get a big blow this decision will take a big blow on China’s economy. According to the BL report, recent research has revealed that the CCP has penetrated several international institutions including the United Nations (UN), World Bank (IMF). In such a situation, this decision of WTO is being considered very important. Experts say that after this decision, China’s credibility at the international level will be shocked. At the same time, the atmosphere against China for spreading the coronavirus epidemic will get further strength at the international level.