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State Council unveils mammoth textile sector development plan
25
Apr '09
China's State Council released a detailed three year support plan for the further stable development and up-grade the structure of the textile and garment industry in the country. This plan has come on the back of a recent hike in tax rebate rates. The government has increased the tax rebates from 11 percent to 16 percent in recent months.

As per the contents of the plan, the annual production of textile companies with revenues of more than 5 million Yuan (US $732,000) is expected to grow by 10 percent each year, which could help these enterprises deliver a combined annual output of 1.2 trillion Yuan by 2011, against 812.6 billion Yuan in 2007.

During the period under preview textile and garment exports are also expected to grow by 8 percent to touch $240 billion by 2011.The plan would also help the sector remove obsolete capacity, reduce energy consumption and increase efficiency in the textile industry over this period.

The State Council has suggested reviewing and increasing the tax rebate rates once more after assessing the exports and domestic situation in the country.

Fibre2fashion News Desk - India

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