Will retain ‘developing country’ status, but forgo its benefits: China

WTO chief hails Beijing's decision, calls it a‘pivotal moment for the organisation

- AGENCIES

China’s Premier Li Qiang announced on Tuesday that Beijing will no longer request so-called special and differential treatment (SDT) benefits, which arise from its developing country status, in WTO negotiations on future deals.

The US opposes countries picking and choosing SDT benefits, and had wanted China to completely renounce them.

The WTO hailed the decision by China, which the global body said would help make the trading system fairer and more balanced.

Giving further details, a senior Chinese diplomat at WTO headquarters in Geneva said on Wednesday that China would continue to call itself a developing country, despite no longer seeking the SDT benefits.

WTO trade rules allow developing countries more leeway to use higher tariffs or subsidies to protect their industries.