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World Bank slams US and EU proposals in capping Chinese textile imports |
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2005-7-1
The World Bank on Wednesday criticized American and European Lawmakers'' proposals to impose restrictions on Chinese textile imports were unfair and hypocritical.
"In the face of successful development, increased tariffs and restrictions on trade are the worst response. It''s unfair, it''s not going to work and it''s bad policy," the World Bank''s spokesman for Asia, Peter Stephens, said on a luncheon organized by the Singaporean-German chamber of Commerce.
Stephens doubted the notion that jobs in textile are going to return magically to the US by just increasing tariffs and restrictions on Chinese textile imports. He said it would push businesses to other developing countries like Cambodia, Vietnam, or Latin American countries.
"Trying to deal with the emergence of China and the rise of India through antiquated measures like tariff protection is like trying to hold back the tide with little wall of sand," Stephens added, noting that dialogues should be held between China, and the US and EU.
Claiming that cheap Chinese textile imports have hurt it local industry, US unilaterally capped the growth of Chinese textile imports at 7.5 percent this year, while the EU and Chinese have reached agreements to control growths of the ten Chinese textile imports to between 8 to 12.5 percent a year through
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