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After six months of investigations, the anti-dumping problem between China and the EU on fasteners reached the final stage of the showdown. Earlier this month, the European Commission once again vetoed China’s application for exporting EU fastener companies’ market status. At the same time, it was reported that the anti-dumping ruling of the European Commission originally scheduled for August 9 will also be advanced to mid-July.
In this regard, Jin Yi Industry Deputy Secretary Tu Zhiqing said that Gemworld will continue to plead with other Chinese companies in the end, and will actively seek the Chinese government to solve anti-dumping problems. At the same time, Jinyi Industrial will use this opportunity to defend and further understand the EU market to prepare for the expansion of the EU market share.
Seek the government to come forward
As a result of this ruling, the taxation rate of anti-dumping duties is relatively large, which will seriously affect nearly 1,700 fastener companies in China, including Jinyi. It is reported that during the anti-dumping investigation, China exported about 760 million U.S. dollars worth of fasteners to Europe, accounting for about one-third of the total export volume of the industry. Jinyi Industry has been actively participating in the anti-dumping investigation against the European Commission’s export of fasteners in China. At present, it is one of the two leading companies in China that actively responded to the complaint.
Tu Zhiqing told reporters that the company has submitted to the European Commission "the industry without damage and defense." However, the current situation is delicate. The deep-seated reason for the anti-dumping incident caused by this fastener product was the large trade surplus between China and the EU, which caused a strong reaction to European trade protectionism. It was not a simple issue of fasteners dumping. Prior to this, the European Union had already filed 9 anti-dumping measures for Chinese products, and anti-dumping of fasteners was only one of them.
Tu Zhiqing had been to Europe twice for anti-dumping and had just returned from the EU. Tu said that from the evidence that has been collected, EU's anti-dumping lawsuit against Chinese fasteners is not a technical reason. Because China's fastener products exported to Europe are in fact different from the products produced by local European companies, the two are in a complementary relationship and there is ample evidence that China's products have not caused damage to the EU's fastener industry. Even EU verification officials believe that the Chinese evidence is valid.
To this end, Jinyi Industry and some domestic companies have contacted local European distributors and traders to hold several press conferences to explain and explain this, and they have had a lot of repercussions.
However, Tu still worried about the results of the dumping response. The reason is that the EU has adopted some unethical practices against Chinese companies. For example, there are clearly double standards for the review of the market economy status of China-European fastener companies.
It was judged that the European Commission’s anti-dumping prosecution of China’s fastener companies was more politically motivated and that it was exerting pressure on the Chinese government to balance the trade surplus between China and Europe. Therefore, depending on the response of Chinese companies, how difficult it is to predict the outcome. He said that Jinyi Industry is prepared to report to the Ministry of Commerce about the anti-dumping response and asked the country to come forward to resolve anti-dumping trade frictions.
To explore the EU market share
At present, Jinyi Industry mainly produces bolts, nuts, and screws. The main products involved in anti-dumping are bolts and screws. According to Tu Zhiqing, 50% of Jinyi Industrial's products are sold domestically and 50% of the products are exported. In the exporting region, exports to the United States account for about 70% of total exports, exports to the EU are around 10%, and the rest are exported to Japan and South Korea. According to the sales revenue of Jinyuan Industry in 2007 of 1.277 billion yuan, Jinyi Industrial's export to the EU is about 60 million yuan. The data released by Jinyi Industrial in November last year was even lower. During the anti-dumping investigation initiated by the European Union from October 1, 2006 to September 30, 2007, Jinyi Industrial’s exports to the European Union amounted to approximately RMB 39.7 million, accounting for the In the same period, the total sales amount was 3.21%, accounting for 6.38% of the total export sales for the same period. In other words, Jinyi Industry’s share in the EU market is less than 1% of the total EU export value of Chinese fastener companies.
Tu said that although the share is not high, Gemworld has been actively participating in responding to anti-dumping for more than a year. He said that there are two reasons why Jinyi Industrial has done so. First, the current size of the fastener industry is very small, many small businesses simply do not have the financial resources and the corresponding manpower to respond. Only Jinyi Industry has taken a certain amount of enterprises to lead the suit; the other, more What is important is that Jinyi Industrial hopes to accumulate experience through this anti-dumping respondent and to find out the EU market, so as to make preparations for actively exploring the EU market in the next step.
In the eyes of Tu Zhiqing, the EU market has unlimited prospects. The desire of Jinyi Industrial to expand to the EU market is fully revealed in its speech. He emphasized to reporters more than once that "the EU market is very large, accounting for about one third of the global fastener market."
In this regard, Jin Yi Industry Deputy Secretary Tu Zhiqing said that Gemworld will continue to plead with other Chinese companies in the end, and will actively seek the Chinese government to solve anti-dumping problems. At the same time, Jinyi Industrial will use this opportunity to defend and further understand the EU market to prepare for the expansion of the EU market share.
Seek the government to come forward
As a result of this ruling, the taxation rate of anti-dumping duties is relatively large, which will seriously affect nearly 1,700 fastener companies in China, including Jinyi. It is reported that during the anti-dumping investigation, China exported about 760 million U.S. dollars worth of fasteners to Europe, accounting for about one-third of the total export volume of the industry. Jinyi Industry has been actively participating in the anti-dumping investigation against the European Commission’s export of fasteners in China. At present, it is one of the two leading companies in China that actively responded to the complaint.
Tu Zhiqing told reporters that the company has submitted to the European Commission "the industry without damage and defense." However, the current situation is delicate. The deep-seated reason for the anti-dumping incident caused by this fastener product was the large trade surplus between China and the EU, which caused a strong reaction to European trade protectionism. It was not a simple issue of fasteners dumping. Prior to this, the European Union had already filed 9 anti-dumping measures for Chinese products, and anti-dumping of fasteners was only one of them.
Tu Zhiqing had been to Europe twice for anti-dumping and had just returned from the EU. Tu said that from the evidence that has been collected, EU's anti-dumping lawsuit against Chinese fasteners is not a technical reason. Because China's fastener products exported to Europe are in fact different from the products produced by local European companies, the two are in a complementary relationship and there is ample evidence that China's products have not caused damage to the EU's fastener industry. Even EU verification officials believe that the Chinese evidence is valid.
To this end, Jinyi Industry and some domestic companies have contacted local European distributors and traders to hold several press conferences to explain and explain this, and they have had a lot of repercussions.
However, Tu still worried about the results of the dumping response. The reason is that the EU has adopted some unethical practices against Chinese companies. For example, there are clearly double standards for the review of the market economy status of China-European fastener companies.
It was judged that the European Commission’s anti-dumping prosecution of China’s fastener companies was more politically motivated and that it was exerting pressure on the Chinese government to balance the trade surplus between China and Europe. Therefore, depending on the response of Chinese companies, how difficult it is to predict the outcome. He said that Jinyi Industry is prepared to report to the Ministry of Commerce about the anti-dumping response and asked the country to come forward to resolve anti-dumping trade frictions.
To explore the EU market share
At present, Jinyi Industry mainly produces bolts, nuts, and screws. The main products involved in anti-dumping are bolts and screws. According to Tu Zhiqing, 50% of Jinyi Industrial's products are sold domestically and 50% of the products are exported. In the exporting region, exports to the United States account for about 70% of total exports, exports to the EU are around 10%, and the rest are exported to Japan and South Korea. According to the sales revenue of Jinyuan Industry in 2007 of 1.277 billion yuan, Jinyi Industrial's export to the EU is about 60 million yuan. The data released by Jinyi Industrial in November last year was even lower. During the anti-dumping investigation initiated by the European Union from October 1, 2006 to September 30, 2007, Jinyi Industrial’s exports to the European Union amounted to approximately RMB 39.7 million, accounting for the In the same period, the total sales amount was 3.21%, accounting for 6.38% of the total export sales for the same period. In other words, Jinyi Industry’s share in the EU market is less than 1% of the total EU export value of Chinese fastener companies.
Tu said that although the share is not high, Gemworld has been actively participating in responding to anti-dumping for more than a year. He said that there are two reasons why Jinyi Industrial has done so. First, the current size of the fastener industry is very small, many small businesses simply do not have the financial resources and the corresponding manpower to respond. Only Jinyi Industry has taken a certain amount of enterprises to lead the suit; the other, more What is important is that Jinyi Industrial hopes to accumulate experience through this anti-dumping respondent and to find out the EU market, so as to make preparations for actively exploring the EU market in the next step.
In the eyes of Tu Zhiqing, the EU market has unlimited prospects. The desire of Jinyi Industrial to expand to the EU market is fully revealed in its speech. He emphasized to reporters more than once that "the EU market is very large, accounting for about one third of the global fastener market."