Trade officials at WTO headquarters in Geneva, Switzerland, wrapped up their review of China's trade policies and macroeconomic environment on Friday 13 July, capping two days of discussions that touched on topics such as industrial overcapacity, national industrial strategy, and intellectual property rights practices and enforcement. As one of the world's four largest traders, Beijing's next TPR will be in three years, under new WTO timeframes for these trade monitoring exercises.
China firmly believes that the authority and effectiveness of the multilateral trading system can be protected only by adhering to the worldwide rules in the spirit of contract, Hua said.
Recently, the United States has issued multiple reports accusing China of violating WTO rules, and used these to justify implementing unilateral trade measures against China. An Airbus-Boeing dispute, for example, took more than a decade to produce a final ruling.
While there will be losses on both sides of the US-China trade war roiling the seafood sector at present, Dutch lender Rabobank says that Canada, Russia, Australia and others could benefit.
Meanwhile, the Trump administration is hitting back at what it considers unjustified retaliatory tariffs that were imposed in response to United States steel and aluminium duties.
The Chinese regime has instead pivoted to Europe, where Chinese mergers and acquisitions reached $22 billion within the first half of 2018, compared to just $2.5 billion in North America, according to a new report published by market research firm Rhodium Group and law firm Baker McKenzie.
"If it [the trade war] continues, we will have to move our markets in other directions", said a company representative surnamed Xie. "And a major part of US salmon and whitefish is processed in China to be re-exported to the US", Rabobank said.
"We have noted relevant reports". According to a Geneva trade official, the U.S. disagreed with Wang's claims of compliance with adverse dispute settlement rulings, as well as the Chinese official's description of improved domestic enforcement of intellectual property rights.
Both sides agreed that faced with the current complicated worldwide situation, especially the rise of unilateralism and protectionism, China and the European Union, as two major economies of the world, have the joint responsibility to safeguard the rules-based global order, advocate multilateralism, and support free trade so as to promote world peace, stability and development.
China has taken the case to the World Trade Organisation for arbitration, but it has not yet announced any specific countermeasures.