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Govt considers adjustment in export tax rebates
01
Jul '08
Mr Chen Shu Jin, Vice President of the China Textile Industry Association said that the Government is on its way to formulate a specific policy to maintain the sustained and healthy development of the textile industry. This initiative will be taken by Ministry of Commerce and the Ministry of Finance, led by Ou Xin Qian, Deputy Minister of the Ministry of Information Industry.

The discussions held earlier included the plan to increase two percentage points of export tax rebate rates for textile and four for garments. However, the amount of support that can be gathered in favor of the policy, still depends on the industrial and information based programs and also on the final approval of the State Council.

Custom statistics released in June shows that the total export of textile and garments in May stood at US $14.009 billion, a growth of 8.22 percent compared to the corresponding period last year. Of these, textile exports accounted for $5.969 billion, an increase of 23.02 percent while apparel exports commanded $8.04 billion, a drop of 0.64 percent.

On the other hand, in the period between January and May 2008, China's total exports of textile and apparel reached $64.328 billion, a growth of 13.69 percent compared with the same period last year. Among them, textile exports were $26.685 billion, an increase of 24.65 percent and garment exports were $37.643 billion, representing an increase of 7.03 percent.

It is hoped that with the adoption of suitable policies and sustained efforts, the Government can ensure an even better growth for the textile industry which in turn will lead to a more stable domestic market.

Fibre2fashion News Desk - China

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