The European Union (EU) should give full consideration to recognize at an early date China's market economy status, said Chinese Foreign Ministry spokeswoman Zhang Qiyue Tuesday.

Zhang said at a regular press conference that the EU should make a right decision on this issue, which will not only benefit China's economic development, but also boost further expansion in Sino-EU cooperation.

China adopted the policy of reform and opening-up 25 years ago and entered the World Trade Organization (WTO) three years ago, Zhang said, noting that a socialist market economy has been basically put in place in China.

The non-public sector of the economy, such as self-employed and private businesses, has grown rapidly, taking up a considerable share of the overall national economy, and the pricing of more than 90 percent of the goods produced is done by the market, she said.

In addition, in order to make relevant policies, measures, laws and regulations completely consistent with WTO rules, China had amended nearly 3,000 such documents, she said, adding that with the transformation of government functions, enterprises have become an independently managed economic entity.

Until now, a total of seven countries including New Zealand, Singapore, Malaysia, Thailand, Benin, Togo, Kyrgyzstan have recognized China's market economy status.

Source: Xinhua