BEIJING — Responding to industry calls for action to help offset declining orders and stem the tide of factory closures, China’s State Council on Wednesday agreed to raise rebates on export taxes for textiles and apparel.
The official Xinhua news agency reported that the State Council, the country’s central cabinet, agreed to raise export tax rebates to 15 percent from 14 percent, but had not set an implementation date. This marks the third increase in rebates on export taxes for textiles and apparel since August. The move comes in the wake of thousands of factory closures in recent months, as companies already operating on thin profit margins fall to declining demand from the U.S. and Europe amid the global financial crisis.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"