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Textile Industry pleas for re-adjustment of export tax rebates
30
Apr '08
According to National Bureau of Statistics, from January to November 2007, 10,089 enterprises related to cotton spinning earned nearly 720.2 billion yuan, an increase of 23.54 percent from the same period of 2006.

The profits of industry reached almost 28.2 billion yuan in 2007, a rise of 42.7 percent in comparison to same period of 2006. Industrial annual profits touched 30 billion yuan, margin rate was 3.93 percent, with a slight growth of 0.53 percentage points.

Under the context of speeding Renminbi revaluation, Textile Industry Association hopes that the Government will consider re-adjustment of export tax rebates, if not lower them. As many local units are finding it difficult to operate under such circumstances.

Cotton textile enterprises have largely criticized slide-tax on imports. The annual demand gap of cotton is 4.5 million tons, import quotas only cover 9,00,000 tons. One ton of imported cotton will add 2,000 yuan in cost under slide tariff system.

In addition, cotton spinning industry has repeatedly called for abolition of the policy regarding tariff-free on value-added tax for automatic winder and air-jet loom imports. Experts believe that, this policy will slow down the pace of technological progress of textile sector.

Previously the Government did not take entrepreneurs advice while making policies. However, the establishment of Ministry of Industry, is seen as a ray of hope by the people associated with this sector, as institutional reforms are anticipated to take place.

In 2007, China had cut tax rebates on exports from 13 percent to 11 percent, so the people associated with textile are expecting a positive response from the authorities this year also.

Fibre2fashion News Desk - China

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