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China To Impose 1.3% Tax On Textile Exports

by Mary Swire, Tax-News.com, Hong Kong

03 January 2005

China has announced that it will tax its textile exports at an average rate of 1.3% for a period of three years in a bid to allay fears expressed by the United States and the European Union that their markets will be flooded by cheap Chinese imports.

The average tax of 1.3% will result from export duties of between 0.2 yuan (US$0.024) and 0.5 yuan (US$0.060) which will be imposed on 148 textile products from January 1, 2005, lasting until the end of 2007

Under a World Trade Organisation agreement reached a decade ago, quotas on the importation of textile products imposed by several powers will expire beginning 2005.

However, the EU and US are concerned that an unregulated global textile trade will lead to a glut of materials on the market originating from China - the world's largest producer of textile products, which has sold a reported $42 billion worth of products in the first half of 2004 alone.

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