CURRENT AFFAIRS

Detailed explanation-1: -BRUSSELS, Dec 7 (Reuters)-The European Commission said on Wednesday it had requested the formation of adjudicating panels at the World Trade Organization, the next step in two trade disputes with China after failing to resolve them bilaterally.

Detailed explanation-2: -China’s membership in the WTO has been contentious, with substantial economic and political effects on other countries (some times referred to as the China shock), and controversies over the mismatch between the WTO framework and China’s economic model.

Detailed explanation-3: -BRUSSELS-The European Union sued China in the World Trade Organization over punitive trade restrictions that Beijing imposed on Lithuania last year, harming the small Baltic state and the 27-country bloc.

Detailed explanation-4: -China and the WTO. This page gathers key information on China’s participation in the WTO. China has been a member of WTO since 11 December 2001.

Detailed explanation-5: -The WTO rules were not written with China, or its unique economic-political structure, in mind. China has elements of a capitalist system, but is still run by a communist government.