China retaliates against EU anti-dumping decision
The Ministry of Commerce said in a statement on its website that,
according to its preliminary ruling, importers of carbon steel fasteners
such as bolts and nails from 27 EU nations would have to pay a deposit
to Chinese customs starting Monday.
"[The ministry] finds that
the European Union dumped carbon steel fasteners in China and China's
domestic carbon steel fastener industry suffered material damages," the
Importers will have to pay a deposit based on the
difference – up to 24.6 percent – between the normal value of the
fasteners and the cut price, the ministry said.
Dumping is when a foreign company sells a product in another market at less than the normal value.
anti-dumping measures were imposed after the EU decided Tuesday to
extend punitive taxes on imports of Chinese and Vietnamese leather shoes
– first introduced more than three years ago – by a further 15 months.
commerce ministry spokesman Yao Jian said China was "strongly
dissatisfied" with the decision and will launch a complaint at the World
Trade Organization, in a statement posted on the ministry's website
Ding Yuanhong, former Chinese ambassador to the EU, played down the effect of the conflict.
frictions "existed before and will exist in the future," but people
should not judge the economic relations between the two giants by such
small conflicts, he said.
China and France, the largest country
in the EU, sealed a series of economic deals worth $9.5 billion,
including aviation and nuclear pacts, during a visit by French Prime
Minister Francois Fillon to Beijing earlier this week.