BEIJING, March 1 (Xinhua) -- An official with China's Ministry of Commerce on Friday commented on a World Trade Organization (WTO) panel report regarding the complaint from the United States about Chinese agricultural subsidies.
The WTO panel report, released Thursday Geneva time, ruled against the United States in terms of China's corn subsidy policies. "The Chinese side welcomes this [ruling]," the unidentified official said.
China regrets that the panel did not support China's proposition on calculating the subsidy levels in its minimum procurement price policies for wheat and rice, the official said.
Agriculture is a basic industry that concerns the national economy and people's wellbeing. It is a common practice for governments to support agriculture, ensure farmers' incomes and safeguard grain security, and such practices are allowed under WTO rules.
China consistently respects WTO rules and will seriously evaluate the panel report and properly handle the case following WTO dispute settlement procedure, safeguard the stability of the multilateral trade mechanism and continue to push ahead with its agricultural development in lines with WTO rules, the official said.
