BEIJING, Feb. 4 (Xinhua) -- China will increase the
tax rebate rate for textile and garment exports from 14 percent to 15 percent,
an executive meeting of the State Council (Cabinet) announced Wednesday.
The move would reduce exporters' costs and support
the textile industry, the Council said. The effective date of the new rate
In a national plan to invigorate China's textile
industry adopted by the State Council Wednesday, the government would allocate
funds for companies that produce textiles or fibers, or operate in the textile
printing and dyeing sector, to upgrade technology and develop domestic brands.
Government departments were told to provide financial
support and insurance services to small and medium-sized textile plants.
The government would also announce steps intended to
phase out obsolete capacity, eliminate energy-intensive, polluting equipment and
technology, and encourage textile and garment makers to relocate from
southeastern parts of China to central and western areas.
According to the plan, the government will take a
proactive attitude to enlarge domestic consumption, innovate new production,
expand rural markets and promote the use of textile products in relevant
industries, while expanding export destinations to stabilize the share in the
The textile sector is the country's traditional
pillar industry and enjoys an advantage in international competition.
However, the textile industry suffered severe
difficulties since last year.
Figures from the country's customs showed textile and
garment export of China was 185.17 billion U.S. dollars in 2008, up 8.2 percent
year-on- year, but the growth rate was 10.7 percentage points lower than in
Experts from the Commerce Ministry (MOC) attributed
the downturn to appreciation the yuan, industry liquidity shortage and
production material costs surge.
China has raised the export tax rebate rate for
textiles three times since last August. The previous increase in November took
the rate from 13 percent to 14 percent.
The work meeting also discussed measures to support
the machinery manufacturing industry as the government highlighted the
importance of innovation.
Enterprises are encouraged to raise competitiveness
through strengthening technological innovation. Mergers and acquisition between
backbone enterprises were also encouraged.
China hopes to research and develop strategic
projects in machinery for high speed railways, natural gas transfer, mining,
steel and iron production, the automobile and textile industries.
This plan was seen as the country's latest move
toward bolstering its economy. In early November, China announced a 4 trillion
yuan (586 billion U.S. dollars) stimulus package to boost domestic demand in
both infrastructure investment and consumption.
China's economic growth slowed to 6.8 percent in the
fourth quarter of 2008, dragging down the annual rate to a seven-year low of 9
percent, as the global financial crisis takes a toll on the national economy.
BEIJING, Feb. 5 (Xinhua) -- China's policy to increase the tax rebate rate for textile and garment exports from 14 percent to 15 percent becomes effective from Feb. 1, said the Ministry of Finance here on Thursday. Full story
BEIJING, Feb. 3 (Xinhua) -- China's central government has launched a new
stimulus plan totaling 130 billion yuan (19 billion U.S. dollars) to boost its
economy, an official of the National Development and Reform Commission (NDRC)
said on Tuesday.
The fund is the second batch of investment from the central budget following
a 100 billion yuan allocated in the fourth quarter of 2008. Both were included
in the country's 4 trillion yuan economic stimulus package announced in
November. Full story
SHANGHAI, Jan. 28 (Xinhua) -- Due to bigger-than expected cut in fuel prices
at the end of 2008 and halved car purchase taxes in effect just before the Lunar
New Year, China's auto industry can expect the policy stimulus to make the year
of the ox a bullish one for sales growth, which was in a ten-year low in 2008.
"With the recent policy changes on fuel price, car purchase tax and fees, I
can save more than 8,000 yuan (1,170 U.S. dollars) to have a car," said Wang
Yong, who just bought a new POLO sedan produced by Shanghai Volkswagen Co. Ltd.
Sun Weishan, vice secretary-general of CPCIA, told Xinhua, "The draft of this
stimulus package hasn't been completed or examined by expert panels and it will
be submitted to the State Council for approval later." Full story
BEIJING, Dec. 19 (Xinhua) -- China must take more powerful and effective
policies to support industrial development, the country's vice premier Zhang
Dejiang said at a work meeting concerning national industry and information
technology on Friday.
"A stable and rapid industrial development is essential to the country's
overall economic advance," Zhang said. Full story