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China to eliminate some big subsidies? |
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Written by Stumo
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Friday, 30 November 2007 |
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Talk is cheap. Actions matter.
China joined the WTO on November 11, 2001. Then U.S. Trade Representative Robert Zoellick said:
Their participation in the WTO will be a boost for us and them.
Others were concerned:
Though some members did voice fears about Beijing's ability to stand by its pledges.
Chinese officials dismissed the concern.
"China's market is open to the outside. As long as the market is open
to the outside, the more economic growth we have and the better for the
world," Beijing's top trade negotiator Long Yongtu told reporters.
Today we see this report:
China agreed Thursday to terminate a dozen different subsidies and
tax rebates that promote its own exports and discourage imports of
steel, wood products, information technology and other goods.
What were they doing since 2001 when Long Yongtu said they were
"open to the outside" world? It depends upon what you mean by
"open."
I
don't remember any self-described free traders calling China
"protectionist." No... they just reserve those accusations for
American citizens that want trade rules enforced.
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In the news
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Today, the Labor Department reported the economy lost 84,000 payroll jobs in August, after losing 60,000 jobs in July. This was much worse than was expected, as the full weight of banking crisis, rising oil prices and imports from China drive up unemployment.
Unemployment rose to 6.1 percent from 5.7 percent in July. Factoring in discouraged workers, unemployment is closer to 7.7 percent.
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Read more...
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