Restrictions will cost China billions and put thousands out of work, says Bo Xilai
Commerce Minister Bo Xilai criticised western trade protection policies yesterday, saying American and EU trade restrictions could cost the mainland economy US$2.3 billion.
He said American constraints on mainland textile imports would cost mainland economies US$2 billion and see 160,000 people lose their jobs. Those threatened by the EU would cost more than US$300 million, he told a news conference hosted by the State Council's Information Office.
He said mainland leaders, including President Hu Jintao and Premier Wen Jiabao , had expressed serious concerns about the trade disputes' implications for the livelihoods of millions of low-income workers.
He vowed Beijing would ease the pressure on domestic textile companies, and secure them a fair and just trading environment by cancelling export tariffs on 81 categories of textile products.
'Since the US ... turned a deaf ear to the Chinese side's voluntary measures to raise export tariffs ... and continued to impose restrictive measures on Chinese exports of textile products, the Chinese government had no choice but to ease the pressure on domestic companies,' Mr Bo said.