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China does not qualify as market economy: NCTO
21 Jul '16
2 min read
Insisting that Beijing's trade practices, especially in the textile supply chain, invariably leads to dumping of goods in other countries, textile manufacturers in the US have urged the Obama administration not to grant China market economy status.
“China's chronic misallocation of investment to expand its state-owned enterprises in the textile supply chain and in other industrial sectors where there is an excess of global capacity invariably leads to Chinese dumping and other non-free-market economic practices,” Augustine Tantillo, President and CEO of The National Council of Textile Organizations (NCTO) Tantillo has said.
Those actions hurt the global economy and must not be rewarded by the United States, Tantillo said citing reports that even the WTO had commented that China's market reforms since joining the WTO have fallen short of expectations.
“Treating China as a market economy would defy logic,” he said after a presentation by Manufacturers for Trade Enforcement (MTE) coalition at the Capitol Hill on July 11 and 12. NCTO is part of the coalition.
China is seeking a formal designation as a market economy from December 11, 2016, the 15th anniversary of the country's accession to WTO. At present, the U.S. Commerce Department treats China as a non-market economy when calculating anti-dumping margins and other trade remedies. (SH)
“China's chronic misallocation of investment to expand its state-owned enterprises in the textile supply chain and in other industrial sectors where there is an excess of global capacity invariably leads to Chinese dumping and other non-free-market economic practices,” Augustine Tantillo, President and CEO of The National Council of Textile Organizations (NCTO) Tantillo has said.
Those actions hurt the global economy and must not be rewarded by the United States, Tantillo said citing reports that even the WTO had commented that China's market reforms since joining the WTO have fallen short of expectations.
“Treating China as a market economy would defy logic,” he said after a presentation by Manufacturers for Trade Enforcement (MTE) coalition at the Capitol Hill on July 11 and 12. NCTO is part of the coalition.
China is seeking a formal designation as a market economy from December 11, 2016, the 15th anniversary of the country's accession to WTO. At present, the U.S. Commerce Department treats China as a non-market economy when calculating anti-dumping margins and other trade remedies. (SH)
Fibre2Fashion News Desk – India
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