(VOVworld) – With 546 votes in favor, 28 against and 77 abstentions, European lawmakers overwhelmingly approved a resolution against the European Union recognizing China as a market economy.

A steel market in central China's Hubei province (Photo: Associated Press)

The decision was against China’s expectations as it hoped to be accepted later this year. According to the resolution, China’s excessive production of goods at low prices is having serious consequences for the environment and socio-economic situation in the EU countries. The resolution says 56 of the EU’s current 73 anti-dumping measures apply to imports from China. Granting China market economy status is a strategic decision affecting the future of Europe’s economy.