China has resolved its trade dispute over financial information with the United States, European Union and Canada, China’s mission to the World Trade Organization said on Thursday.
“The dispute has been concluded with a mutually acceptable solution among the parties,” a statement from the mission said. It gave no further details.
Brussels and Washington launched the dispute in March because they objected to the way Beijing regulated foreign providers of financial information. The row was settled without the parties taking it to a full WTO dispute panel, indicating China’s willingness to resolve trade disputes amicably without bitter litigation.
China had required data suppliers including Thomson Reuters Corp, Bloomberg and Dow Jones, part of Rupert Murdoch’s News Corp, to operate in China through the state news agency Xinhua, instead of dealing directly with customers. But Xinhua also competes with the foreign providers, through operations such as its affiliate Xinhua Finance Ltd.
Canada joined the dispute following the acquisition in April of Reuters Group by Thomson Corp. (Reuters)