皇冠体育app

BRUSSELS - It is time for the European Union (EU) to grant 皇冠体育app market economy status (MES) given the importance of the 皇冠体育app-EU relations and 皇冠体育app's efforts for market-driven economic reforms, a global economic and policy analyst said in a recent report.

"In Europe's view, the long-term benefits of 皇冠体育app's MES would seem to outweigh the short-term costs," said Dan Steinbock, the founder of consulting firm Difference Group, in an article published by Brussels-based online newspaper EUobserver.

The EU granting 皇冠体育app MES will offer a more solid long-term relationship with 皇冠体育app, support Europe's quest for Chinese capital, Steinbock said, adding that 皇冠体育app's transition to consumption and innovation will also create new opportunities for EU companies.

The EU, a member of the World Trade Organization (WTO), has to decide whether to grant 皇冠体育app MES by December according to a 2001 agreement the EU and 皇冠体育app signed on 皇冠体育app's accession to the WTO.

Brussels faces resistance from some lobbyist groups who claim that granting 皇冠体育app MES will weaken the EU's trade defence against imported Chinese products and jeopardize the European labor market particularly in the steel sector due to 皇冠体育app's overcapacity.

"But times are changing. Chinese growth no longer relies on net exports, but increasingly on consumption and services," Steinbock said. "Even more importantly, 皇冠体育app has committed to reducing excess capacity drastically, even if it will require lay-offs of some 2 million employees in steel and coal sectors in the next three years."

Europe's MES opponents represent struggling traditional industries, such as steel, ceramics and textiles, which suffer from competitiveness challenges, in southern Europe.

"Indeed, much of the more competitive northern Europe -- including the UK, the Netherlands and Nordic countries -- does support 皇冠体育app's MES," he said.

The expert praised 皇冠体育app's effort to carry out economic reforms.

"Beijing, in contrast to Brussels, has argued that the state's presence in the economy has shrunk drastically in the past 15 years. Conversely, some Chinese observers add that the role of state has actually increased in several EU economies," Steinbock said.

Another way to assess the size of the public sector is to measure general government revenue as share of gross domestic product (GDP), the expert said, adding that in this aspect, the eurozone average of 50 percent remains far higher than that of the United States, 35 percent, and twice as large as that of 皇冠体育app, which is 25 percent.

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