Which country recently applied in WTO to get market economy status?

Answer: [C] China

A market economy is an economic system where decision regarding investment, production, and distribution are based on supply and demand basis. But China’s economic system is characterized by large number of state-owned companies, with subsidies, with dumping facilities in other states. Since China’s economic system is in contrast to that of economic integration, both EU and USA are reluctant to treat China as a “market economy” under World Trade Organisation rules.

This question is a part of GKToday's Integrated IAS General Studies Module