China urges market economy status from EU

China's Ministry of Commerce has been left disappointed after European lawmakers voted against recognizing China as a market economy on Thursday, a move that will allow the EU to continue to easily levy high tariffs on Chinese goods.

During anti-dumping investigations, the EU uses a "surrogate country system" under which costs of production in a third country are used to calculate the value of products from non-market economies.

The ministry pointed out in a statement on Friday that the practice will lose its legal basis by the end of 2016 under the agreement signed when China joined the World Trade Organization.

It urged the EU to strictly fulfil its obligation under the WTO framework.

China has argued that it is a market economy after decades of reform and opening up.