economy - Export duties on textile to stop the flood


China will put export duties on its textile to stop its producers from flooding the world after the regime of textile quota will end by the end of this year. The country had a system of textile quota, mostly imposed by Europe and the US, but this system of protecting its own industry is not allowed anymore under the World Trade Organization (WTO).
"We hope that by adopting this measure, we can encourage the export of high-value products and further optimise the structure of China's textile industry," the Chinese commerce ministry said, according to the BBC.