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Thailand Gives China Market Economy Status

Thai Prime Minister Thaksin Shinawatra announced Monday in a meeting with Chinese Premier Wen Jiabao that Thailand has chosen to recognize China's status as a full market economy. The prime minister called on other countries to follow suit.

Wen expressed thanks and appreciation to the Thai government.

Last week, Kyrgyzstan became the fourth country to recognize China officially as a market economy. The others are New Zealand, Singapore and Malaysia.

Kyrgyzstan President Askar Akayev handed over a written document to Chinese President Hu Jintao in Tashkent to confirm the move. The two presidents met on the sideline of the summit meeting of the Shanghai Cooperation Organization.

Akayev said China has established a complete market economic system after a quarter-century of reform and opening. He added that the process accelerated after China joined the World Trade Organization (WTO).

Market economy status is a valuable legal and trade appellation with implications on dumping matters, a particularly important issue in the West.

Although China is accepted by the WTO as a market economy in general terms, protocol on China's accession to the organization allows other members to treat it as a non-market economy in dumping and subsidy cases for 15 years after its entry.

(China Daily June 22, 2004)

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