(From Reuters)

China’s top diplomat in Brussels warned the European Union on Tuesday not to disregard changes to global trade rules set to favour Beijing and which European companies fear will open the bloc to a flood of cheap Chinese goods.

World trading powers including Europe are in a bind over how to interpret a World Trade Organization protocol that treats China as a more market-based economy from late 2016 — a status that will make it harder for the EU to protect local industry.

The decision will shape Sino-EU relations for years to come, either souring ties or potentially building goodwill as China opens up its markets, despite the risks to EU firms at home. Read more

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