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Textile & garment sector in for another bonanza
02
Mar '09
The Chinese textile and garment industry is in for one more bonanza from its government. According to informed sources, the Ministry of Commerce is contemplating another set of stimulus measures to revive the economy.

There is intense pressure from trade and industry to increase the levels of measures and towards that end, the Ministry is mulling over increasing tax rebates as well as removing some restrictive trade policies to benefit the export oriented sector.

Industry experts and leaders have recommended the state to improve export rebate rate of mechanical and electrical products and labor-intensive products, such as textile and garment industry, from 15 to 17 percent as soon as possible.

According to available data, 45 percent of mechanical and electrical products are not able to avail full export rebate, so, according to sources, in the next set of measures; state will further split tax lines of products with higher technological content.

In order to also boost domestic trade, the Ministry of Commerce, in connivance with other arms of the government, consider pre-trails on some measures which includes mainly reducing interest rates on loans taken by trade and industry.

Fibre2fashion News Desk - China

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