China's Commerce Ministry said the results of a US probe on Beijing's maritime, logistics, and shipbuilding sectors is a reflection of "unilateralism and protectionism," Yicai Global reported Friday.
The US Trade Representative's probe found China has been dominating in the sectors and is liable for violations under Section 301 of the US Trade Act, which sanctions countries using unfair practices to undermine US commerce, the report said.
China's shipbuilding growth is not a result of "non-market" practices but by a thriving industrial system, the report said, citing a ministry spokesperson.
The decline of the US shipbuilding industry is not related to China, and US dominance has waned even before China's ascent in the sector, according to the report, citing the spokesperson.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.