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China raises tax rebate rate for textile, garment exports
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China's policy to increase the tax rebate rate for textile and garment exports from 14 percent to 15 percent became effective from Feb. 1, the Ministry of Finance said on Thursday.

China has raised the export tax rebate rate for textiles three times since last August. The previous increase in November went up from 13 percent to 14 percent.

An executive meeting of the State Council (Cabinet) announced the policy change on Wednesday, saying the move would reduce exporters' costs and support the textile industry.

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 2007.

Experts from the Commerce Ministry (MOC) attributed the downturn to yuan's appreciation, industry liquidity shortage and production material cost surge.

(Xinhua News Agency February 5, 2009)

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