The Chinese Ministry of Commerce on Thursday criticized the U.S. for disrupting international trade and investment by adopting the Inflation Reduction Act (IRA), urging the U.S. to fulfill its obligations under WTO rules.
The criticism came after the Chinese delegation attending a meeting of the World Trade Organization (WTO) Council for Trade in Goods expressed serious concern over the ‘discriminatory and distorted subsidy provisions’ of the U.S. IRA, as well as its series of policies that disrupt the global semiconductor industry chain and supply chain.
The meeting of the WTO Council for Trade in Goods was held in Geneva between November 24 and 25.
Speaking at a press conference in Beijing, Ministry of Commerce Spokeswoman Shu Jueting said that China’s response is an exercise of its rights as a WTO member to challenge the trade measures of another member and their impact on such an occasion.
“In its speech, the Chinese side expounded on the suspected violations of WTO rules by the relevant provisions of the U.S. law from a professional perspective, noted that the U.S. approach has seriously disrupted international trade and investment while undermining the stability of the global industrial and supply chains, and expressed grave concern over the U.S. application of double standards and acts of bullying regarding international trade rules,” Shu said.
“China urges the U.S. to strictly fulfill its obligations under WTO rules and earnestly safeguard the authority and effectiveness of the multilateral trading system,” she said.
Stressing that the world today is facing multiple challenges including setbacks in economic globalization and a sluggish economic recovery, Shu reiterated China’s commitment to opposing unilateralism and stabilizing global industrial and supply chains.
“China is ready to work with other members to follow through on the outcomes of the WTO 12th Ministerial Conference (MC12), engage fully and deeply in the reform of the WTO, stand against unilateralism and protectionism, and support the WTO in better playing its role, so as to contribute to stability of the global industrial and supply chains and recovery of the global economy at an early date,” said the spokeswoman.
