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China fears EU crisis could hurt trade

09-21-2011 09:22 BJT

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Europe's debt crisis is giving China plenty to be concerned about as well. The nation's Commerce Ministry says it's worried it could spill over into trade friction.

China says it's disappointed at Europe's refusal to recognize it as a market economy, but that it will not deter the country from supporting debt-stricken region.

China is disappointed over more than Europe's ailing finances.

Commerce Ministry spokesman Shen Danyang says that despite huge transformations over the last three decades, the European Union still does not recognize China as a market economy.

Shen said, "After 30 years of reform and opening up, China has completed the transformation from a planned economy to a market economy, but the EU still does not recognize China's full market economic status. China is very disappointed."

Europe's debt crisis is giving China plenty to be concerned about as well.
The nation's Commerce Ministry says it's worried it could spill over into
trade friction.

As China's biggest export market, the last thing Chinese leaders want is a full blown financial meltdown in Europe.

So despite disagreements over how China's economy is viewed, the Commerce Ministry says it will not stop supporting debt-stricken nations.

Shen said, "Whether the EU recognizes China's market economy status and whether China provides support are different issues. China has set no preconditions for offering help to others. We only hope that we can gain respect when treating others sincerely."

China will automatically receive the status of market economy in 2016 under the World Trade Organization, so granting it ahead of time could win Europe political goodwill at little economic cost.

Editor:Li Wanran |Source: CNTV.CN

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