Premier Wen Jiabao stepped up pressure on the European Union to formally recognize China as a market economy, saying such a move was vital to future economic cooperation and growth of trade between the two sides. Speaking to the China-EU Business Summit in The Hague, he called for market economy status to be granted as soon as possible, adding that EU restrictions on exports of high-tech products to China should also be lifted. Granting of market economy status would limit China's liability under WTO rules to high anti-dumping tariffs, which countries can impose if they believe imports from non-market economies are priced artificially low.
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