European parliament votes against China's market economy status

European lawmakers overwhelmingly voted against the European Union recognizing China as a market economy later this year, reports The Wall Street Journal, a nonbinding move that emphasizes political resistance to a further opening of the bloc’s economy to Beijing. Beijing says a 2001 agreement allowing it to join the World Trade Organization means it should receive market-economy status by December 2016. Such recognition would make it harder for the bloc to protect its industries from unfair trade practices by Beijing. European industries say Beijing uses government subsidies to boost exports and undercut overseas competition and that China’s economy is still controlled by the state.