China becomes new watch eldorado

Last week the Genevan daily newspaper Tribune de Genève titled 'China becomes new watch eldorado', stressing the fact that in four months, the Swiss exports to that country had more than doubled.
China's new membership of the World Trade Organisation (WTO), reports the Swiss Watch Federation, is the reason of this new situation, which offers extraordinary opportunities to the Swiss watch industry. Before China's entry in the WTO (last December), the watches imported in China were taxed by 80 to 100 % and a quota was imposed on them. As of December 01, there is no quota, taxes have fallen to 16.6% and will continue to decrease to 11% in 2004.
Europa Star is present on the Chinese watch scene with its print and online media. www.watches-for-china.com has been developed by a Chinese Europa Star team, specifically for the Chinese speaking markets in traditional Chinese.

Source: Tribune de Genève
21 June 2002