When members of the European Union sat down in Brussels yesterday, there was just one item on the agenda.
The representatives of the 28 member states met to begin discussions on whether China should be granted market economy status, beginning the end of years of deliberation on the issue.
A decision is not expected until February but if the status is granted, from December China would be able to protect its exporters from paying high punitive tariffs in anti-dumping cases.
A yes from the EU members is not likely to have a major impact in the short run but it would put China in a stronger position to realise its bigger goal: to influence global trade rules.
The outcome of the talks is far from certain. At the centre of the debate is whether China’s economic performance qualifies it for the status to come into effect at the end of this year.
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Beijing has long argued that it does but the EU insists that China should first meet five criteria: low government influence in the economy, an unfettered private sector, effective implementation of company law with adequate corporate governance rules, proper functioning of a free-market economy, and a genuine financial sector.