Tax rebates for textile exports in China are set to increase to 15%, it has been revealed.
The move, which was announced by the country's State Council on February 4, increases the export rebate by 1%, from 14%.
It is hoped that this new measure will lower the cost burden of the country's textile industry, which in turn will help to boost the flagging economy.
Under the plan, the government also aims to encourage greater use of environmentally friendly equipment by offering more financial support to textiles companies using less energy-intensive machinery. It will also try to encourage textile manufacturers to relocate from their current position in the southeast of the country, to more central and western locations.
This latest move constitutes the third increase to the export rebate rate since August 2008.
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