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Chinese Govt announces textile machinery policy
14
Dec '09
The Chinese Ministry of Industry and Information Technology released a document titled “Advices Regarding the Structural Adjustment for Textile Machinery Industry” recently in an effort to support the development of domestic textile machinery industry.

According to the advices, related departments will provide support to machinery manufacturers in accessing credit facilities like issuing company bonds, short-term financing and raising funds from the capital markets.

The document has set a detailed target for the industry in 2009-2011. Market share of domestic textile machinery to rise to 70% from 60%; market share of industrial textile machinery may rise to 30% from 10% and emissions of major pollutants during the manufacturing processes may drop by 10%.

The guideline also provides a series of measures including encouraging the use of domestic textile machines, increasing financial support for textile machinery enterprises as well as encouraging mergers and acquisitions to achieve this target.

In addition, those qualified producers who make high-speed air-jet looms and automatic winders could be exempted from paying import duties and import-related VAT in imports of some key parts.

Fibre2fashion News Desk

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