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China : 107 textile firms of Shangdong fined for avoiding quota deposits |
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2006-7-18
In order to make use of textile export quota, Government has issued that textile enterprisers must pay some deposit when they obtain export quota, after bidding.
Some textile enterprisers have successfully avoided paying this deposit.
Reportedly, 107 textile enterprisers of Shangdong province will be fined for not paying the deposit, and will not be permitted to bid this as well as next year.
Experts believe that the enterprisers are hesitant to pay the deposit because the bidding price was higher than the quota market price.
Currently, Government is researching ways to use of textile quotas to its maximum potential.
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