China challenges Australia’s trade movements

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BEIJING, June 25 (China Daily / ANN) – China on Thursday filed a complaint with the World Trade Organization against Australia over the latter’s anti-dumping and anti-subsidy measures on Chinese exports of railway wheels, wind turbines and stainless steel sinks.

China’s Commerce Ministry said the move came after Australia adopted or extended anti-dumping measures on railway wheels and wind turbines imported from China in 2019, and extended anti-dumping and anti-subsidy measures targeting sinks in stainless steel imported from China in 2020.

Commerce ministry spokesman Gao Feng told a press conference in Beijing on Thursday that the nation made the move in the hope of safeguarding the legitimate rights of Chinese companies, as well as supporting the trading system. multilateral and the authority and effectiveness of the WTO. .

“The WTO is currently facing unprecedented challenges, and China opposes the abuse of trade remedy measures that not only infringe the legitimate rights of Chinese companies, but also undermine the rule of law. ‘WTO,’ he said.

“China hopes Australia will take concrete steps to correct bad practices and avoid distorting trade in the affected goods, so that related trade returns to normal as soon as possible.”

When asked if any measures were underway to mitigate the negative impact of the appreciation of the renminbi on Chinese foreign trade enterprises, Gao said the ministry would observe fluctuations in the RMB exchange rate and would endeavor to help Chinese foreign trade enterprises.

“Under the influence of multiple factors, the RMB exchange rate has fluctuated back and forth since the start of the year,” he said.

“We noticed in a recent survey that the fluctuation in the RMB exchange rate, as well as issues such as rising raw material prices and disruptions in logistics, have had an impact on the operations and production of some Chinese foreign trade enterprises. “

The Ministry of Commerce, the People’s Bank of China, the Central Bank and the State Administration of Foreign Exchange jointly pushed financial institutions to continuously optimize the products and services for hedging the risks associated with the exchange rate, making the promotion of the manual on currency risk. hedging between foreign trade companies and providing targeted advice to companies on how to hedge risks.

The three central departments jointly conducted a national online training program on currency risk hedging, and information on related courses was posted on the MOC website.

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