The executive meeting of the State Council, chaired by Chinese Premier Wen Jiabao on February 4, examined and approved in principle the adjustment and revival plans for the textile and equipment manufacturing industry. The meeting decided to increase export tax rebate rate on textiles and garment from 14 to 15 percent.
At, the meeting, it was discussed that the textile industry is a traditional pillar industry of China's national economy and an important livelihood industry for millions of people with obvious competitive advantages
It was also discussed that the sector plays an important role in boosting prosperity of market, expanding exports, creating jobs, increasing income of farmers, and promoting development of urban and rural areas.
Therefore, to accelerate revival of this important sector, it is necessary to focus on technological innovation, optimizing layout, promoting structural adjustment and industrial upgrading, consolidating and strengthening employment, and promoting the change in China's textile industry from a large industry into a powerful one.
Fibre2fashion News Desk - China
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