You will be glad to know that the Chinese economy is not a market economy. We know this because the European lawmakers say so.... So, I was not surprised by Viktoria Dendrinou's article in the Wall Street Journal [European Parliament Rejects China’s Bid for Market Economy Status, 12 May, 2016].
It may turn out to be a bigger deal than we know, but it is at least recognition that nobody is fooling the Europeans into believing China does not control its businesses in a way that is open and competitive. They certainly don't. This article says they believe that China's government subsidizes its businesses (unfairly, they should have added) and offers exports at below market prices. This is not a secret, and a little surprising, given that it the EU did not have to vote on something so obvious, but did anyway. As it turns out, there were 546 votes for, 28 against and 77 abstentions. Let's confirm that there are 28 people who can't see their hand in front of their face on a clear day to say China was a market economy. The abstentions are easier to figure out. When politics are involved, those with no convictions abstain.
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