China increases tax rebate for textile exports
04/08/2008
China has raised the tax rebate on a range of textiles and garments to 13% from 11% from August 1, with the state news agency calling the move “a shot in the arm for exporters that are struggling with a stronger yuan, weakening demand and rising costs”.
“The tax rebate hike will give a break to ailing clothing exporters and help ease the concern over an unemployment spurt,” said Mei Xinyu, a researcher at the Chinese Academy of International Trade and Economic Cooperation, which is run by the ministry of commerce. “But it could be a temporary measure, as the government will continue to push forward the upgrade of its industries.”
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