FX.co ★ China accuses EU of undermining global trade

China has accused the EU of undermining global supply chains with discriminatory trade barriers. In an interview with Financial Times, Zhang Ming, China’s ambassador to the EU, said the European Commission was placing barriers on foreign firms. “The moves taken by the EU will also have global consequences, and such moves might create further stress to the global supply and industry chain”, the ambassador said. Ming also stated the EU measures would have undesirable side effects and criticized the new EU trade policy aimed at protecting the market against unfair trading practices of other countries, such as dumping and state subsidies. The Chinese ambassador said such measures would negatively affect investments in Europe and raise prices, as well as urged the EU to adhere to WTO rules. “Such moves deviate from the original goals of trade and economic policies and are also a distortion of market principles,” Ming said.