China’s growth fuelled by unfair trade practices: Piyush Goyal 

Union Commerce Minister Piyush Goyal said that the foundation of China’s growth was every action improper in the rules of the game. The minister also added that the world is going through a challenging time while speaking at the India Global Forum on April 7. 

“I believe, starting point goes back to beginning when china was admitted as a member of WTO. The world was convinced that China will bring transparency,” Goyal said. 

Speaking about the recent market fluctuations, he said that the world is going through a turbulence because of stock markets. "India is well poised to convert current situation into opportunity," the Union minister said.

The minister highlighted that hidden subsidies, labour practices and efforts to demolish sectors are main problems. “The focus is to bring back fair play, pricing of goods and services at an honest value. Unless we bring this balance, the world will be in more turbulence,” he added. 

Goyal's comments on China came at a time when it has locked horns with the United States over President Donald Trump's tariff war.

US President Donald Trump lashed out at China on April 7 as a stock market rout deepened after Beijing retaliated against his global tariffs offensive. 

While other countries weigh their options, Beijing announced last week its own 34-percent tariff on US goods, which will come into effect on Thursday.

Trump chastised Beijing for not heeding "my warning for abusing countries not to retaliate" as he called China "the biggest abuser of them all" on tariffs.

Chinese vice commerce minister Ling Ji said the tit-for-tat duties "are aimed at bringing the United States back onto the right track of the multilateral trade system."

"The root cause of the tariff issue lies in the United States," Ling told representatives of US companies on Sunday, according to his ministry.

European equities were deep in the red but Asia fared worse, with Hong Kong's Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo's Nikkei 225 falling an eye-watering 7.8 percent.