Analysis on the Development Prospect of China-Africa Textile Trade

China-Africa economic and trade cooperation began in the 1950s. With the deepening of my country's reform and opening up, the scale of China-Africa economic and trade cooperation has gradually grown. China-Africa bilateral trade is highly complementary. my country mainly imports crude oil and other resource products from Africa, while its exports to Africa are mainly cheap and high-quality industrial products. 2006 1—In August, my country imported 14.09 billion US dollars of crude oil from Africa, an increase of 54.5%. During the same period, the major categories of commodities with an export value of more than 1 billion U.S. dollars to Africa include: mechanical and electrical products of 7.36 billion U.S. dollars, an increase of 43.7% year-on-year; textiles of 2.52 billion U.S. dollars, a year-on-year increase of 29.3%; clothing 1.58 billion U.S. dollars, an increase of 32.3% year-on-year. Textiles are the second largest commodity exported from my country to Africa. 1 Current Situation of China-Africa Textile Trade China is not only the world's largest textile processing country, but also the world's largest textile exporter. In 2005, my country's textile and garment exports experienced a series of twists and turns, such as quota cancellation, export taxation, RMB appreciation, cancellation of export taxation, Sino-European and Sino-US textile negotiations, and quota bidding, and still achieved rapid growth. According to customs statistics, in 2005 my country's textile and garment exports totaled 115.01 billion US dollars, an increase of 20.9% over 2004. 2006 1—In September, my country's textile and apparel exports to Africa reached 4.652 billion US dollars, a year-on-year increase of 31.90%. However, the African market does not account for a high proportion of our textile and garment export market. In January 2006,—The proportion in September was only 4.32%. 2 Opportunities for the development of China-Africa textile trade Under the background of China-Africa trade development, China-Africa textile trade faces many opportunities: First, Africa has a large population and a backward textile industry, which is a huge market for my country's textile industry to develop. At present, the per capita fiber consumption in Africa is only 3.2 kg, which is far lower than the world average of 8.7 kg per capita fiber consumption. With the gradual economic development of African countries, the market demand for textiles and apparel has great potential. Chinese textiles and clothing have long been cheap and high-quality, which is very suitable for the current consumption needs of African people. Therefore, developing the African textile market should be a key area to realize the diversification of China's textile export market. Second, textile products can be exported to Europe and the United States through Africa. Some preferential policies of European and American countries for Africa provide a good solution for my country's textile industry to strive for the European and American markets. The African Growth and Opportunity Act (hereinafter referred to as the 'Act') of the United States and the European Union's 'Cotonou Agreement' still provide African countries with preferential treatment for textile and apparel exports. The 'Act' provides 48 sub-Saharan African countries. Under the unilateral trade preferences, African countries that meet the conditions of the Act can export 460 kinds of goods to the United States duty-free under the Generalized System of Preferences (GSP) within 8 years. The most significant benefits from the arrangement under the Act are textiles and apparel, of which 5 categories are duty-free and quota-free. According to these acts and agreements, if my country produces and exports textiles in Africa, the market share of my country's textiles in Europe and the United States will be further expanded. Third, the Chinese government provides strong support. Government to support business“go out”Investing in Africa has formulated a special policy to encourage domestic enterprises to expand their business in Africa. For example, the government provides subsidized loans, sets up special funds, formulates preferential tax policies, increases financial, tax and financing support, and simplifies approval procedures, focusing on promoting enterprises to carry out overseas processing trade projects. The government has invested hundreds of millions of yuan to set up 11 investment and trade centers in Africa to provide services for domestic enterprises to invest in Africa, set up special discounted loans, and encourage investment and establishment of factories in Africa. Fourth, investing in Africa can enjoy many preferential policies of African countries. The labor cost of African countries is very low, and most countries have formulated many investment preferential policies to attract investment. For example, Egypt promulgated the 'Investment Law' as early as 1989, and then promulgated a new 'Investment Protection Encouragement Law' in 1997. 'Special Economic Zone Law' was officially promulgated and implemented in June 2002, which formulated basic policies, regulations and preferential treatment for foreign investment. Since 2000, the South African government has been able to enjoy technology and investment subsidies for small and medium-sized enterprises with new or additional investment in South Africa: Based on the total investment assets approved by the South African government, investors can enjoy a three-year cash subsidy on a quarterly basis. Payment; The investment subsidy for the third year is based on (excluding the price of raw materials) its labor cost accounts for more than 30% of the added value of the product, and a subsidy for one year can also be obtained. Approved enterprises can enjoy an annual tax-free cash grant, paid quarterly for a period of 3 years; there are also foreign investment subsidies (factory relocation subsidies). In addition, there is no need for government approval to set up a business in South Africa, only an accountant needs to obtain a business license; if you make money, you pay tax, if you don’t make money, you don’t pay tax, and you only pay income tax every year.
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