China advancing rapidly toward EU's Market Economy Status
European Union trade chief Peter Mandelson has reported that China is advancing with market economic reforms, causing alarm among several EU countries that fear Brussels is being soft on Beijing, diplomats said. The EU has previously said China falls a long way short of qualifying for the bloc's coveted Market Economy Status (MES) and countries hurting from Chinese exports such as France, Italy and Spain protested at the new tone, the diplomats said. Getting MES status is a priority for Chinese policymakers because it would make it easier for the booming Asian export powerhouse to defend itself against European anti-dumping cases.
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