Is the Chinese Textile Industry a Threat for Europe?

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Is Chinese Textile Industry a threat for Europe?

Introduction
"Napoleon said of China "Let China sleep, for when she wakes, she will shake the world." This assumption turned out to be true, particularly these two last decades. As a matter of fact, China has undergone two restructuring processes: the industrialization and the transition from a centrally planned to a market economy since the early 1980 's. Thus, Chinese government has been implementing an economic reform to reinforce its rapid growth. China is now awake and is already a major actor of the world economy, widely open to the world. It has reduced its trade barriers and has managed to attract huge foreign direct investments thanks to which China could improve its
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Indeed, this shows the obvious interdependence between China and the rest of the world. On the one hand China needs to be more open to the World to get more investments from foreign companies and thus to promote its domestic growth and development. On the other hand, the rest of the World needs China to get the benefits from its mass low-wages labor, but also to get into a huge market composed of more than one billion of potential consumers.
However, there was a particular area in which WTO members would have to change and adapt their regulation on Chinese products: the Chinese textile imports. In reality, WTO members will have to grant China benefits under the WTO Agreement on Textiles and Clothing (ATC).

From the Multifibre Arrangement (MFA) to the WTO Agreement on Textiles and Clothing (ATC)
The Multifibre Arrangement was implemented in 1974. It dealt with new regulations concerning international trade in textiles. It extended the coverage of the restrictions on textiles and clothing from cotton products to wool and man-made fiber products. "The main objective of the MFA was "to achieve the expansion of trade, the reduction of barriers to such trade and the progressive liberalization of world trade

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