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China export regime 'considerably more restrictive': WTO
Geneva (AFP) May 13, 2008 China has made its export regime "considerably more restrictive" due in part to efforts to reduce its large trade surplus, said the World Trade Organisation in a review of the country's trade policies. "A variety of measures, including export taxes, reduced rebates of VAT on exports and export prohibitions, licensing and quotas, are used to restrain, if not prohibit, exports of a considerable and growing number of products," according to the WTO report which is due to be published next week. Some of these measures are implemented to meet the country's international obligations, said the WTO. But many are also intended to cut exports of products using large amounts of natural resources and energy, or to reduce China's large trade surplus as the country seeks to reduce trade friction, said the report. Such items included textiles and steel products, it noted. China has been engaged with the United States and the European Union in several high profile trade rows in recent years over items ranging from textiles, shoes to auto-parts. "A more flexible exchange rate and thus more independent monetary policy would complement structural reforms, especially those concerning the capital market, and obviate the need for price controls and other non-market measures to contain inflation," the WTO said. China's runaway inflation rate has been of concern to the government, which has warned that tougher measures may been needed to curb it. China's inflation rose to 8.5 percent in April from 8.3 percent in March, staying near 12-year highs. The country's major trade partners have for many years lobbied the Chinese government to loosen controls on the yuan and let it appreciate, to some success recently. The WTO pointed to the appreciation of the renminbi by 1.6 percent against the US dollar in January, also the largest monthly increase since July 2005, noting that this is a sign that "China's exchange rate regime has become more flexible recently". Related Links Global Trade News
India urged to copy China at Asian Development Bank meeting
Madrid (AFP) May 3, 2008India must boost infrastructure spending and reform its labour market as China has done if it wants its economy to grow as fast as that of its Asian neighbour, participants at the Asian Development Bank's annual meeting in Spain said Saturday. |
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