EU duties will cost 650,000 jobs says Chinese state media

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The Chinese state media has reportedly responded to the EU decision to impose anti-dumping duties on imported Chinese panels in predictably blunt fashion.

According to a report by Hindu Business Line, a hostile editorial in the state-sponsored China Daily predicts the move will cost 400,000 jobs in China and a further 250,000 in the EU.

Another editorial in the Global Times says the move is an indication that the traditional global trade powers are moving the goalposts now that China is dominating genuine free trade.

Beijing wasted little time in responding after EU Trade Commissioner Karel de Gucht ignored German Chancellor Angela Merkel’s call to postpone the imposition of duties in order to reach a negotiated solution, and forged ahead with duties.

The Chinese government immediately launched an anti dumping and anti subsidy investigation into wines imported to China from the EU, a measure that would hit Francois Hollande’s France – as well as Italy and Spain – after the Socialist French leader backed De Gucht’s stance in defiance of Merkel.

The initial duties of 11.8% imposed by the EU are much less than the 37.3% to 67.9% – with an average 47.6% – which will be applied after August 6 if China does not back down, and which were expected to be applied immediately by the European Commission.

The Chinese solar market is estimated to be worth €21 billion (US$27.5 billion) annually to the EU.