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Sino-US talks may face pressure on issue of textile exports
04
Aug '09
The first round of the Sino-US strategic economic dialogue was held on July 27 in Washington. Five issues which were the centre of discussions between the two countries were addressing financial crisis, maintaining stability of assets in US dollar, exchange rate, strengthening energy cooperation and trade protection.

At present, mainstream views emerging from the talks agree to the view that the current economic recovery is not solid and it is not the proper time to make major adjustments in macro-policy orientation and maintaining the status quo is perhaps the best choice.

In terms of fiscal policy, China and the United State are unlikely to introduce new program of fiscal stimulus in short term. The same situation is with monetary policy, so there will be no fundamental changes during the year.

The Chinese government has always been clearly opposed to trade protection. After the financial crisis, the United States has implemented some specific policy measures that are in favor of the United States but go against other countries which have been opposed by China.

The United States is China's second largest export market, since a long time, China's textile exports to the United States account for roughly 30 percent of US textile market, which proves beyond doubt the importance of the US market to China's textile exports.

During January to May this year, China's exports of textiles and garment to the United States achieved a growth of 3.75 percent in US import market share. But China's textile exports to the United States are still not optimistic, as the current economic recovery is still in initial stages.

Chinese textile products already account for nearly 30 percent of US market share, although the Americans will not set clear limitation on Chinese textiles, the US government may control import share and channels by using trade protectionism measures.

Therefore, experts predict there will be increasing difficulties during the economic dialogue when negotiating on US textile trade and the textile trade friction is bound to change in to a protracted war in the near future.

Fibre2fashion News Desk - China

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