| The executive meeting of the State Council, held on November 19, discussed and identified 6 policies and measures to promote healthy development of the textile industry. Officials from Department of International Cooperation, Ministry of Industry and Information Technology, China divulged to Fibre2fashion that these steps included further reducing tax and fee burdens of enterprises, as well as increasing export tax rebate rate on textiles, clothing and some light industrial products. The meeting has approved the proposal to lift export tax rebate rate on textile and garment up to 17 percent. This is the fourth time that China has raised export tax rebate rate on commodities in the second half of this year. The same was done just one week after the last executive meeting, expressing great concern for ailing textile and other labor-intensive industries. The meeting also decided to suspend the policy of security margin for light and textile processing trade. The state will make full use of foreign trade development fund from the central government to support marketing, research and development, consolidation and mergers among light and textile enterprises. On July 31 this year, Government increased export tax rebate rate on textile and garments from 11 to 13 percent and again on October 21, the rate was advanced to 14 percent. Now, with this latest planned adjustment, China’s export tax rebate rate for textiles will reach a record high. Customs data show that China's textile and garment exports reached US $153.710 billion in the first 10 months of this year, up 8.6 percent year-on-year, but growth rate fell 12 percentage points from the same period last year. | |
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