China ignores WTO complaint saying its policies are fair

In response to the decision of the US and the European Union to start a WTO action against China officials at Beijing made a statement that the country does not violate any international trade regulation prescribed under the WTO agreement. China’s Ministry of Commerce declined the complaint but agreed to the consultation procedures required under WTO rules.

"The main objective of China's relevant export policies is to protect the environment and natural resources. China believes the policies in question are in keeping with WTO rules," the press office of the ministry said in a statement.

"Following the WTO procedures for dispute resolution, China will appropriately handle the request for consultations."

Meantime traders express their assurance in that the move will have little effect on the trade flows.

According to the allegations of Washington and Brussels the core issue at the conflict is that China continues restricting exports of raw materials used in steel, semiconductors, aircraft and other products despite its pledge to eliminate taxes and charges on exports when it joined the WTO in 2001.

Retorting these arguments Zhou Shijian, a former Chinese trade official, accused US ?? ?? in hypocrisy.

"Protecting natural resources is perfectly reasonable, and all countries in the world, including the United States, protect their national resources," Zhou told the Global Times, a Chinese-language paper.

"The WTO stresses one cannot restrict imports and should open markets, but it doesn't have specific rules on what should be done about exports," said Zhou.