Zhejiang Haiyan: Fastener Industry Brings 8.3 Billion New Business Opportunities

Summary of contents: It is understood that before 2009, about 15 to 200,000 tons of fastener products were sold to the European market in Haiyan County, Zhejiang Province, accounting for about 20% of the county's total output. In January 2009, the European Union decided to impose anti-dumping duties of 26.5% to 85% on China's carbon steel fastener products, resulting in nearly 10 billion yuan worth of fasteners in Haiyan County being rejected by EU countries.

During the same period: Ni Ding, deputy secretary-general of Haiyan Merchants Association of Zhejiang Fastener Industry Association, said: “The original fastener companies that exported to the EU basically stopped because of the high tax rate of 85%.”

This year, the WTO Appellate Body issued a final report adjudicating that China won the dispute with the European Union on fasteners. This means that the European Union market for the closure of Haiyan County fastener products for more than two years will be opened again.

According to statistics, by the end of 2010, Haiyan had a total of more than 800 fasteners and affiliated companies, employed more than 30,000 employees, and output value of 8.3 billion yuan. The products were exported to more than 60 countries and regions in the world.