China announces bidding arrangement for US textile quotas

China announces bidding arrangement for US textile quotas

The first public bidding for the 2006 textile export quotas to the US will take place on December 6 to 8 and the result will be announced on December 9, China's Ministry of Commerce announced on November 24.

With 30% of the total quotas to be allocated through bidding, 60% of them will be offered at this round of bidding. Companies registered in China with textile export record in the first nine months are eligible to participate.

However, even though the detailed bidding proceedings have been announced, there are still uncertainties over the bidding results, which were blamed for B-shares for textile firms in Shanghai and Shenzhen closing low on November 28.

According to Chinese Customs, China's textile exports jumped 22% to US$55 billion in the first three quarters.