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China scraps export tariffs on textile goods
(CCTV)
Updated: 2005-08-02 17:03
China on Monday scrapped its export tariffs on 17 Chinese-made textile products subject to the European Union's new trade restrictions.
It is the fourth time China has re-adjusted its export tariff on textile products this year.
Experts hope the measure will help Chinese textile producers remain profitable, especially after the appreciation of the Renminbi, which will further eat into the bottom line of textile companies.
It is estimated that 30 percent of China's 19 million textile workers will lose their jobs because of trade barriers set by the EU and the United States.
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