China has been struggling with overcapacity, especially in the steel sector.
The European Commission has announced that it could change the way it calculates unfair subsidies and dumping in response to China’s demand that it be treated like a normal market economy by the end of 2016.
Jyrki Katainen, the Vice President of the European Commission said during a news conference that adopting the new approach does not mean that there will be a sharp reduction in duties while advocating a speeding up of the time taken for applying tariffs.
The Commission will make its formal proposal later this year. For now it has agreed to the Chinese demand that the prices of its exported commodities are not compared with those of a third country but instead be compared with international prices.
Of late China had been accused by many countries of dumping low quality steel. It is currently struggling with the burden of over-capacity.
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