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Export duty cuts play big role in reducing impact of crisis
17
Mar '09
Spokesman of the China Textile Industry Association and Director of Textile Economic Research Center, Mr Sun Huaibin recently said that revival plan has played an active role in helping textile industry get out of plight and boosting textile production.

In particular, it has renewed the confidence of the textile enterprises. The sector has been able to overcome the impact of the crisis to a great extent, due to favourable policies of the state and also by turning their attention to domestic markets.

The revival plan has increased the export tax rebate in phases from 11 to 15 percent, increasing it by 1 percent in each stage. According to Mr Huaibin, adjusting export tax rebate rate is just a medium to emerge from the crisis.

A one percent adjustment may seem small, but it provides a space for the textile or garment exporter to price his goods as per the requirements of the buyers, who are demanding more and more discounts since the last few months.

It was a well known fact that the benefit of the cut in duty drawback rates would benefit only the overseas buyers and not the exporters, as they would demand their pound of flesh, through increasingly demanding price cuts.

The benefits according to Mr Huaibin, is expected to be shared in equal proportion by the exporter as well as the overseas buyer. But even this small benefit can increase the profits of an enterprise by 100,000 Yuan depending on the size of the business.

Fibre2fashion News Desk - China

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