China says WTO faces ‘profound crisis’ — urges reform

Shoppers browse their phones outside a fashion boutique selling US brand clothing in a Beijing shopping mall. China and the US have clashed about how the WTO should reform to better serve member interests. (AP Photo)
Updated 23 November 2018

China says WTO faces ‘profound crisis’ — urges reform

  • Members of the G20 are expected to discuss WTO reform when they meet at a summit in Argentina next week
  • Debate on reforming the WTO has been largely driven by US complaints that it has failed to police suspected Chinese rule-breaking

BEIJING: China urged the World Trade Organization (WTO) to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence.
China and the United States have clashed about how the WTO should reform to better serve member interests, amid a widening trade dispute that has triggered billions in retaliatory tariffs and rocked global markets.
Members of the G20 are expected to discuss WTO reform when they meet at a summit in Argentina next week, following a failed attempt to reach agreement on the topic at an APEC forum held last week in Papua New Guinea.
Debate on reforming the WTO has been largely driven by US complaints that it has failed to police suspected Chinese rule-breaking, with US President Donald Trump threatening a withdrawal to protect American interests.
The United States wants the WTO to crack down on China’s subsidies for state-owned enterprises (SOE), overcapacity in steel and other basic industries, and on the practice of forcing investors to hand over valuable technology.
At a news conference on Friday, China’s Vice Commerce Minister Wang Shouwen unveiled a list of detailed demand and principles to clarify China’s stance that reform should uphold core WTO values, ensure fairness and protect developing countries’ interests.
He took aim at what he called “excessive” agriculture subsidies enjoyed exclusively by developed countries, saying some member states had exploited loopholes in the WTO system.
Reforms should correct some countries’ discrimination against investments by other countries and companies, and not be used as a way to deprive China of the right to enjoy differentiated treatment as a developing country, Wang said, without naming any countries.
“Some countries are in reality just hoping to uphold their monopoly status and restrict other member states’ development,” he said.
Referring to state-owned enterprises (SOEs), he said China opposed groundless criticism of “normal SOE and industrial subsidies” and “normal sharing of technological innovations.”
Wang added the WTO should try to resolve a deadlock in appointments to its Appellate Body, which have been blocked by the United States which blames the dispute settlement body’s judges for hampering a US campaign against what it sees as unfair trade practices.
China’s ambassador to the WTO, Zhang Xiangchen, said this week that China would not have views forced upon it as he warned fellow WTO members against seeing reform as a chance to put China in a straitjacket.
“The WTO should prioritize key issues that threaten the institution’s existence,” Wang said.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.