EU revises strategy with Beijing

The EU is potentially revising its strategy to offer China recognition as a market economy, a status achieved when a country limits state aid and bans monopolies – as a bargaining chip to help coax Beijing to offer greater market access to European companies, the Wall Street Journal reported. China has been pushing for market-economy status for some time, but only 56 of the WTO's 150 members gave China full status. This status would make it easier for China to defend against complaints that Chinese goods compete unfairly with European manufacturers. "If 498 out of 500 Fortune 500 companies do business in China, it's because we're a market economy," said Bo Xilai, China's minister of commerce. The US plans a more aggressive policy on Chinese imports, filing complaints with the WTO and imposing extra duties.