Which country is not inclined to automatically grant the coveted Market Economy Status (MES) to China under World Trade Organisation (WTO) norms in December 2016.

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which country is not inclined to automatically grant the coveted ‘Market Economy Status’ (MES) to China under World Trade Organisation (WTO) norms in December 2016.

A	Japan
B	US
C	Russia
D	India

Explanation:

Detailed explanation-1: -China is a member of WTO but has the status of a non-market economy.

Detailed explanation-2: -China became a member of the World Trade Organization (WTO) on 11 December 2001, after the agreement of the Ministerial Conference. The admission of China to the WTO was preceded by a lengthy process of negotiations and required significant changes to the Chinese economy.

Detailed explanation-3: -After four decades of reform, China today falls far short of a free-market economy-but it has also come a long way from central planning where the government controls prices and production. The reforms have gone furthest in the manufacturing sector, where AD cases are the most relevant.

Detailed explanation-4: -Market Economy status is a status conferred on the country exporting the goods. • The prices of the goods on which they are exported by the country are not questioned and it is. accepted as the benchmark. • Prior to this status, country is considered as a Non Market Economy (NME).

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