Normalise trade, or suffer — China tells US

BEIJING, MARCH 13: A top Chinese trade official on Monday warned the United States that it would lose out to its rivals in the huge Chines...

BEIJING, MARCH 13: A top Chinese trade official on Monday warned the United States that it would lose out to its rivals in the huge Chinese market if Washington does not grant unconditional permanent normal trade relations (PNTR) status to Beijing.

"If the United States misses this opportunity, it will lose China’s tremendous market to its competitors. In that case, the US, especially, the American enterprises will suffer the most," Minister of Foreign Trade and Economic Cooperation Shi Guangsheng told newspersons here.

He emphasised that the United States must replace an annual Congressional review of China’s trade privileges with granting of PNTR. The resolution of the PNTR issue without any pre-conditions is necessary for implementation of the Sino-US pact, he said.

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China and the US had reached a landmark accord last November under which Beijing agreed to sweeping tariff cuts and other concessions that would greatly expand access to the Chinese market for US exporters. In return, Washington agreed to back China’s bid to join the World Trade Organisation (WTO).

"The bilateral agreement will results in benefits to both the countries," Shi said on the sidelines of the ongoing Chinese parliament session. He noted that the majority of US enterprises and people favoured granting Beijing PNTR since it is an important opportunity for them to participate in the Chinese market.