Chinese representatives condemn U.S. for violating WTO trade rules

The Chinese representatives at a WTO meeting on Tuesday refuted the baseless accusations by the U.S. side of "overcapacity", condemned the United States for violating the World Trade Organization (WTO) trade rules, and called for cooperation and efforts to defend the multilateral trading system.

At the WTO's Committee on Subsidies and Countervailing Measures meeting, Chinese representatives said there is no universally accepted standard or method for assessing "overcapacity", and supply-demand imbalance is the norm.

The U.S. and other WTO members contradict market economy principles and the logic of globalization by hyping up "overcapacity" and making it an excuse to create anxiety, to smear and suppress China, and to justify their own unilateral and protectionist measures, as they, in essential, are concerned about their competitiveness and market shares, Chinese representatives said.

Chinese representatives also pointed out that the U.S. "reciprocal tariffs" disrupt global trade and hurt the interests of developing countries. At the same time, China acts as a "stabilizer" for international trade growth and consistently stands with developing members.

The U.S. has repeatedly criticized and defamed China on industrial capacity and describes China as a "threat" because the U.S. insists on the zero-sum game, prioritizes its own interests, and refuses to believe in mutual benefits through trade and economic cooperation, said Chinese representatives.

China also criticized the U.S. for its discriminatory subsidies, such as those under the "CHIPS and Science Act" and"reciprocal tariffs," which distort markets, embody double standards, and undermine WTO rules.

China's representatives also said that the U.S. actions deviate from market economy principles, severely disrupt the normal order of international trade and investment, and called on WTO members to strengthen cooperation, oppose U.S. unilateral bullying practices, and jointly safeguard the rules-based multilateral trading system.

Chinese representatives condemn U.S. for violating WTO trade rules

Chinese representatives condemn U.S. for violating WTO trade rules

Chinese representatives condemn U.S. for violating WTO trade rules

Chinese representatives condemn U.S. for violating WTO trade rules

Indonesia issued offshore bonds denominated in Chinese yuan, or dim sum bonds, totaling 9.25 billion yuan (about 1.34 billion U.S. dollars) in February, marking its second issuance of the yuan-denominated bonds.

The country issued the RMB bonds for the first time last October, with a total value of 6 billion yuan (about 870 million U.S. dollars).

The bonds were issued with maturities of three, five and 10 years.

Analysts point out that the competitive yield of RMB bonds will help Indonesia further optimize its financing structure and reduce capital costs against the backdrop of high global interest rates and rising financing costs in U.S. dollars.

"At the current situation, the global economies start to change and the financial sector is already evolving, also, and the RMB now is in the internationalization phase. So we see this is an opportunity for the Indonesian government to diversify and further lower the cost of funding," said Fakhrul Fulvian, chief economist and head of fixed income research with Trimegah Sekuritas, a company engaged in the brokerage and underwriting of securities.

"That demonstrates the depth, liquidity and attractiveness of Hong Kong's dim sum bond market, even for tenure as long as 10 years," said Handojo Wibawanto Soetikno, marketing director of Jakarta Branch of the Bank of China.

Dim sum bonds are RMB-denominated bonds issued outside the Chinese mainland, mainly in Hong Kong.

Indonesia issues RMB-denominated bonds of 9.25 billion yuan