Chinese Government is in consultation with chambers of commerce, associations, business enterprises and others regarding enactment of a law by October to investigate and punish the illegal low priced export.
The regulation was first enacted in 1996 and will be referred to while enacting the new legislation as Government feels that the ensuring fairness in foreign trade is the responsibility and duty of theirs.
Low priced exports have caused severe damage to China with 663 anti-dumping laws slapped against it and the favorable balance of US $100 billion caused the appreciation of RMB.
Government is planning to come down heavily on illegal low-price exporters once the new regulation comes into effect, which will in a way endorse the charges of anti-dumping leveled by foreign organizations on the Chinese products.
Clamping hard on the low-priced exporters will create the problem of unemployment as all the medium and small units will be closed down rendering many workers jobless.
Fibre2fashion, News Desk - China
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