CRI Meets With Chinese Officials

Dalton, GA, Apr. 7--U.S. textile, retail and apparel manufacturing representatives, including the Carpet & Rug Institute, met with high level Chinese government officials and representatives of six Chinese trade associations last week to find solutions to the issues of "unfair competition," including intellectual property violations, and U.S. job loss to Chinese competition. China's economic power continues to rise due to its cheaper labor rates and growing preference as the location of choice for back-office and information technology operations. Economic experts recommend that, instead of fearing China's growth, other nations should embrace it and welcome the country as a top-contributing member of the global economic village. This approach, said the CRI, could make China's growth beneficial for everyone. Economists predict that trade tensions will increase in the coming years, but will ultimately be tempered as China is accepted as a global player. The Chinese market also will become a major source of sales growth in the next five years, according to Trend Letter.