As at 11:05 A.M on March 4, the Shanghai stock exchange textiles and garment industry index rose 3.23 percent. This rise has come about on hearing of the proposal to increase textile duty drawbacks to 17 percent, which led to a host of textile company shares gaining in value in early morning trades.
According to industry analysts, if the export drawback rebates are increased by 2 percent from 15 to 17 percent, it will bring in close to 12-14 billion Yuan in net profits to the beleaguered textile and garment industry, which has been highly impacted due to the slowdown in global economies.
Fibre2fashion News Desk - China
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