China lowers tariffs for the benefit of the textile industry
In line with the WTO membership agreement and bilateral agreements with various countries including ASEAN countries, Chile Pakistan, New Zealand, Peru, Costa Rica, Korea, India, Sri Lanka and Bangladesh, China is lowering tariffs on imports, one category covers products supporting the development of the textile industry, such as down feather, short flax fibre and automatic rotor spinning machines
It has to be added, that China has released its 12th five-year plan for the development of its service industry an that should stimulate the share of this sector to the GDP General Domestic Products by 4 % and the same growth for the workforce up to 2015. All of this by accelerating the development of producer services like finance, transport, modern logistics, high-tech services, design consultancy, technologic and business services, e-commerce, engineering consultancy, human resources, energy saving and environmental protection, new commercial formats and emerging industries and including tax schemes.
At the end of December 2012 China started to revise its Trademark Law. For the time being the cost of protecting trademark rights is so high that often the compensation for infringement awarded to the right holder cannot offset the damages done. Therefore it is – amongst other stimuli and revision points – to raise compensation for infringement.