WTO Criticizes China's Lack of Transparency in Financial Support for Key Industries

The World Trade Organization criticized China's lack of transparency in its financial support for key industrial sectors like electric vehicles and steel. A report noted that it couldn't determine the scope of China's financial aid, leading to various Western nations denouncing China's industrial policies. China insists it follows market principles.

The World Trade Organization (WTO) on Wednesday criticized China for its lack of transparency regarding financial support to key industrial sectors such as electric vehicles, aluminium, and steel production. The WTO report highlighted Beijing's failure to provide sufficient information to give a clear picture of its financial programs over the 2021-2024 review period.

Western countries, including the United States, Australia, Britain, and the European Union, seized the occasion to condemn China's industrial policies. Washington's deputy permanent representative, David Bisbee, accused Beijing of deploying 'predatory' practices detrimental to international workers and businesses.

China insists it operates according to market principles and adheres to WTO rules, denying any use of prohibited subsidies. While the WTO members are obliged to avoid harmful government subsidies, the report emphasized China's escalating significance in global trade since its last review in 2021.

(With inputs from agencies.)