The Chinese Ministry of Commerce is to revise the management
rules on textile export quotas in a fresh effort to prevent
speculation in the quotas and rectify the textile export
market.
Lu Jianhua, director general of the ministry's Foreign Trade
Department, didn't say when the amended Provisional Management
Method for Textile Exports would take effect. The document came
amid last year's Sino-US and Sino-EU textile export disputes.
He said that the ministry was seeking advice from industrial
associations and companies. The revision would involve adjustment
of the bidding deposits, improvement in distribution criteria for
minimum quotas and stricter punishment of companies whose
operations led to waste of the quotas.
According to Friday's Beijing News, a number of problems have
occurred since the document became effective on July 20 last year.
The daily newspaper said that some domestic companies speculated in
the quotas to earn illegitimate revenues while others simply left
their quotas unused, causing a severe waste.
(Xinhua News Agency July 10, 2006)
