China expresses regret at US move to file WTO challenge

China's commerce ministry said on Saturday that China expressed regret at the United States for filing a challenge at the World Trade Organization, adding that it has always respected WTO rules.

The office of the U.S. Trade Representative Robert Lighthizer said on Friday that the USTR had filed a request for consultations with China at the WTO to address "discriminatory technology licensing agreements".

China has been consistent in highly valuing the protection of intellectual property, the ministry said in a statement on its website.

China has taken strong measures to protect the legal rights and interests of both domestic and foreign owners of intellectual property, the ministry said. 

Fear of a full on trade war between US and China, leading to likely slowdown of global economic growth, brought down stock markets all over the world, including in India.

With US President Donald Trump signing a memorandum that would put tariffs on up to $60 billion imports from China, a step immediately reciprocated by Chinese leadership, US markets on Thursday night closed sharply lower with Dow falling more than 700 points in its worst day performance since February 8.

On Friday morning, Asian markets reacted in a similar way. BSE Sensex fell 1.24% or 410 points to 32,596 while NSE Nifty, importantly, dropped 1.15% or 117 points to 9,998, below the crucial psychological level of 10,000. With Friday's fall, Sensex had fallen 1.75% and Nifty by 1.93% during the week.

The development comes at a bad time for Indian markets already besieged by scams popping up every day, coupled with frustrating news about cases before National Company Law Tribunal not going anywhere.