china: The group has always strictly abided by in its business operations the laws and regulations of China and destination countries of its exported products, and has developed overseas markets under the principle of fair and orderly competition, the company said in a filing posted at the Hong Kong Exchanges and Clearing on Thursday, according to Global Times China. The response came after the Wall Street Journal reported on Wednesday that the founder of China Zhongwang had been indicted by a US federal grand jury on charges that he evaded nearly 2 billion in tariffs as part of a conspiracy to smuggle massive quantities of aluminum into the US. The report came the same day that China and the US conducted a new round of trade talks in Shanghai, as the two sides ended their meeting with candid, constructive and efficient in-depth exchanges amid a trade war that has lasted more than one year. However, experts said that the primary cause of the issue is the twisted market economy and it is the US that should be blamed. The group has not received any legal instrument or notice in relation to the alleged proceeding, and the company also confirms that it has not received any legal instrument or notice in relation to the alleged proceeding, the Liaoning Province-based company added. The unreasonable tariffs, which represent US rising protectionism, can't be accepted by any country. Even if Zhongwang transferred its aluminum to a third country, the root cause is that the US has raised the tariff barrier too high, which has twisted and disrupted the normal market economy, said Mei Xinyu, a veteran analyst close to the Ministry of Commerce . US wrongdoing by using so-called long-arm jurisdiction is what should be condemned at the very first, Mei told the Global Times on Thursday.
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