Home / Knowledge / News / Textiles / Several measures on cards to promote exports

Several measures on cards to promote exports

29
Dec '08
The Ministry of Commerce and Foreign Exchange Bureau have introduced measures to support exports, but will not promote exports through RMB devaluation, instead, they will adopt other means, like export tax rebate and pre-payment of export goods. The Commerce Ministry has come out with five measures with regards to exports and imports.

The ministry will speed up the transformation and development of foreign trade by increasing support, by means of financial and taxation policies; put more efforts for exploring new markets; optimize the structure of export commodities and try to develop exports from service industry.

The Ministry will steadily promote transformation and up gradation of processing trade; improve financial environment for exports in coordination with financial sector; increase credit support to enterprises; improve security conditions of corporate finance and the export credit guarantee mechanism.

The Foreign Exchange Bureau will support enterprises in import and export trade by relaxing external debt management systems. It has recently made adjustment on the relevant provisions of external debt register management by allowing pre-payment ratio of export goods to be adjusted from original 10 percent to 25 percent and delayed payment ratio of import goods be adjusted along the same lines.

The Foreign Exchange Bureau will focus mainly on measures like export tax rebate which is expected to be further increased next year. Comprehensive tax rebate rate on textiles, clothing, light industry and some electronic products has increased 1.6 percentage points and the tax rebate on labour-intensive products, high-tech and high value-added products is expected to increase further next year.

The second focus could be the devaluation of the Renminbi. In the situation of shrinking external demand, the effect will be very limited to stimulating exports by way of depreciation of exchange rate which is not justified. Recent depreciation of currencies in some countries has not yet reversed the declining trend in exports, so the bureau may not promote exports by relying on Yuan devaluation.

The third focus and one of the most important is economic restructuring. The country has in the last thirty years focused on an export oriented development, but the crisis has proved to be a wake-up call to China's export-oriented economy. Global markets are facing shrinking demand. Under this backdrop, the up-lifting of China's economy lies in expanding domestic demand and building a consumer-oriented society.

Fibre2fashion News Desk - China


Must ReadView All

Pic: Shutterstock

Textiles | On 1st Oct 2020

ADB revises Cambodia's 2020 economic forecast upward

The Asian Development Bank recently revised upward its 2020 growth...

Pic: Shutterstock

Textiles | On 1st Oct 2020

Vietnam textiles, garments may face EAEU safeguard duties

Several textile and garment products from Vietnam may face safeguard...

Pic: Shutterstock

Textiles | On 1st Oct 2020

Sri Lankan prez calls for high-quality textile production

Sri Lankan President Gotabaya Rajapaksa recently urged domestic...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Devendra Gupta,

Devendra Gupta

Reforce, a start-up based in Gurgaon, aims to revolutionise the fitness...

Paolo Toricella,

Paolo Toricella

Electronics for Imaging (EFI) is a global technology company, based in...

KK Lalpuria,

KK Lalpuria

Indo Count Industries is an India-based home textile company engaged in...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search