China backs talks on fair competition, subsidies, vice commerce minister says

China supports discussions on fair competition, including restricting industrial subsidies that distort market competition and enhancing policy transparency, Li Chenggang, China's vice commerce minister and international trade representative, said.

• Li made the remarks on Wednesday at a World Trade Organization meeting in Paris attended by representatives from over 20 economies including the U.S. and EU, a Chinese statement said on Thursday. 
• An Organisation for Economic Co-operation and Development report this week said government subsidies to industry had reached their highest level since the global financial crisis, driven largely by China.
• China's commerce ministry earlier on Thursday rejected the report, saying its policies on industrial subsidies "strictly comply" with WTO rules.
• At the meeting, Li called for more flexible and inclusive decision-making to advance plurilateral initiatives within the WTO's multilateral framework.
• China supports reaching a multilateral consensus as soon as possible on extending the moratorium on customs duties on electronic transmissions, he told the meeting. 
• On the sidelines, Li met trade officials from the EU, UK, and Switzerland, among others, the commerce ministry statement added without providing further details. 
• Last week, the European Commission called its trade and investment relationship with China unsustainable, as the bloc seeks ways to shield European industries from surging Chinese imports.

Reuters

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