Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 554 Sat. December 17, 2005  
   
Business


China to end textile export tariffs


China will abolish the tariffs it slapped on textile products earlier this year from next month, Finance Minister Jin Renging said in remarks published Friday.

Export tariffs on Chinese textile products would be cancelled from Jan. 1 while flexible tariffs on cotton beyond import quotas would be maintained, the China Securities Journal quoted Jin as saying.

China imposed the tariffs on its textile exports earlier this year in an apparent step to assuage fears that the country's textile exports would flood world markets following the end of a global quota regime on Jan. 1

Beijing later hammered out agreements with the United States and the European Union to effectively limit its flow of textile exports.

In November, Washington reached a deal following months of grinding negotiations to set growth rates for Chinese clothing imports at 10 percent in 2006, 12.5 percent in 2007 and 15 percent in 2008.

The agreement was broadly similar to one reached by the European Union in June and revised in September.