China says Vietnam investigation into steel imports should be fair

By Reuters/ Elias Glenn   July 14, 2016 | 11:45 pm PT
Vietnam is looking to protect its own steel industry.

China hopes Vietnam will exercise restraint and be prudent in its use of trade remedy measures, its commerce ministry said on Thursday in response to a Vietnamese announcement it will investigate safeguards against imported color-coated steel sheeting.

The investigation should be transparent, comply with World Trade Organization (WTO) procedures and protect Chinese companies' rights, China's Ministry of Commerce said on its website.

Difficulties in the steel industry were mainly due to weak global demand, it said, citing unidentified ministry officials, and protectionist measures did not address its fundamental problems.

China has found itself in an increasing number of disputes with trade partners that accuse it of dumping subsidized exports.

China's steel exports have increased this year as domestic demand weakens and China finds itself with a big production overhang.

The ministry said on Wednesday the United States had deliberately misinterpreted WTO rules after the U.S. Commerce Department found in favor of subsidy rates for Chinese steel.

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