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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China urges US to prevent trade protectionism AP - 34 minutes ago BEIJING - China and the U.S. should combat protectionism as the global economic crisis worsens, Beijing said Tuesday, in response to a trade case by Washington that accuses China of unfairly promoting goods for export. In a case filed Friday, the U.S. said China was violating global trade rules administered by the World Trade Organization in the way it operates a "famous brands" program to promote the sale of Chinese goods overseas. "There are some different opinions between the two countries on trade and these differences should be solved through equal consultations," Foreign Ministry spokesman Qin Gang said at a news briefing. "Under the current circumstances with the deteriorating financial crisis, we should be alert to trade protectionism in any forms," said Qin. The United States could be cleared to impose economic sanctions against China if negotiations between the two nations fail to resolve the dispute and if a WTO hearing panel rules in favor of the U.S. A notice on China's Ministry of Commerce said Sunday that China has always obeyed WTO rules and opposes protectionism. China will follow the rules of the WTO in dealing with the case, it said. China's export-dominated economy is feeling the brunt of a drop of demand in its Western markets, with thousands of factories closing in its once-booming southern provinces. Critics say China is not doing enough to stimulate domestic consumption and is still trying to support its exporters, which could bring it into friction with the U.S. and other trading partners. China also asked the WTO on Monday to investigate whether the United States is illegally taxing Chinese goods such as steel pipe and off-road tires. It is the first time Beijing has ever sought a WTO panel in a trade dispute. In its case, the administration of President George W. Bush said China, in an effort to encourage worldwide recognition of Chinese brand names, has provided numerous types of subsidies at various levels of government. The allegedly illegal subsidies included: cash rewards to exporters, preferential government loans for exporters, research and development funds to develop new products for export, and payments to lower the cost of export credit insurance. U.S. industry groups applauded the action. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China urges US to prevent trade protectionismAP - 34 minutes ago FOREX-Dollar slips on U.S. economy woes, data awaitedReuters - 1 hour 2 minutes ago Asian stocks slump as China rate cut disappointsAP - 2 hours 49 minutes ago More companies lining up for piece of bailout fundAP - Wednesday, December 24 Related Articles: Business Russia drops duty on steel for motor vehiclesReuters - 29 minutes ago Iraq's Nov. oil revenues fall as exports stableAP - 30 minutes ago CIT to receive $2.33B from government programAP - 30 minutes ago India bond yields rise in thin volume, cbank eyedReuters - 31 minutes ago RasGas to revise LNG prices for India every monthReuters - 34 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain edges to recession, IMF warns of Great Depression Quake zone hero pig named China's animal of the year Two Chinese giant pandas head for Taiwan Actress Jennifer Aniston appears naked in GQ magazine Weak sales could topple US carmakers despite bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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