China challenges US, EU on market economy status

China has launched a legal challenge against the EU and US over their reluctance to treat it as a “market economy” under World Trade Organisation rules, the Financial Times reports.  Beijing is unhappy with a provision that allows trading partners to use a special formula and prices in third countries to calculate punitive tariffs for non-market economies in anti-dumping cases. It is pushing for the provision to expire with Sunday’s 15th anniversary of its WTO membership. But the EU, US, Japan and other WTO members have resisted the move, prompting China on Monday to take the first step in launching a case with the global trade regulator. In a statement, China’s commerce ministry said it had requested consultations with both the EU and US and would seek to have a WTO panel rule.