BEIJING: China appreciates the European Commission’s vow in its new trade policy review to continue valuing economic relations with China, while opposing the European Union (EU)’s false accusation that China adopts unique state capitalism which poses a challenge to global economic governance, the Ministry of Commerce (MOFCOM) said on Friday. The announcement came after a report was released by the European Commission on February 18, claiming that the rapid rise of China, demonstrating global ambitions and pursuing a distinct state capitalist model, has fundamentally changed the global economic and political order.
China is building a socialist market economy in an all-round way so that the market will play a decisive role in the allocation of resources and the government’s role will be better brought into play. Practice has proved that China’s economic governance system conforms to China’s reality and contributes more Chinese wisdom to global economic governance, MOFCOM said.n China has always been an active participant, staunch supporter, and important contributor to the WTO. Unilateralism and protectionism are the root causes of the current WTO crisis, MOFCOM said, adding that China and the EU should work together to maintain and develop the multilateral trading system as the WTO is facing severe challenges.
– The Daily Mail-Global Times News exchange item
