By  on February 5, 2009

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.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus