BEIJING - China's rice, wheat and corn subsidies are in line with WTO rules, Beijing's commerce ministry said after Washington launched legal action against what it says are "unfair" trade incentives worth $100 billion. Beijing's commerce ministry said it had received the US request for consultations under the World Trade Organization dispute settlement mechanism but insisted its policy was legal. "Agriculture is a fundamental industry in any country and is key to the economic interests of the mass of agricultural producers," an unnamed commerce ministry official said in a statement posted late Tuesday. The official quoted in the Beijing commerce ministry statement said China "regrets the US request for the consultation... and will actively protect China's industrial and trade interests". "China has always respected WTO rules, consistently supported Chinese agricultural production and development in ways in line with the rules and maintained the international trading system of farm produces," the official added.

Source: Bangkok Post September 14, 2016 05:03 UTC