Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 342 Sun. May 15, 2005  
   
Business


China threatens retaliation over US textile restrictions


China Saturday slammed US textile restrictions on Chinese exports, saying the move was a serious threat to the multi-lateral trading system and reserved the right to retaliate.

"The global textile system has just entered its fourth month and the US side has implemented restrictions on Chinese textiles based on short-term and inaccurate statistics," Commerce Minister spokesman Chong Quan.

"This is beyond a doubt an extremely bad precedent and will seriously harm the multi-lateral trading system," he said in a statement on the ministry's website.

"The Chinese government reserves the right to take further measures within the WTO framework."

The United States on Friday ordered quotas to curb a flood of Chinese textile imports, four months after a global textile quota system was abandoned as part of efforts by the World Trade Organization to expand trade liberalization.