China reacted quickly to the European Union's refusal to grant it market economy status, saying recognition would boost cooperation for both sides. The Chinese Foreign Ministry said the beginning of China's market reforms dated back 25 years and its membership in the World Trade Organization (WTO) three years. It said private sector employment had grown quickly and that market forces now dictated the price of 90% of goods produced. So far, only seven countries have accorded China market economy status.
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