The Chinese government may restore the export tax rebate rate for the textile industry
Leaders of the State Council recently studied a report on the textile situation in six provinces made by the China Textile and Apparel Industry Association. The existential crisis of the textile industry has sparked concern, and a support policy to improve the situation is expected to be announced soon.
In early March, the China Textile and Apparel Industry Association conducted a market survey on six high-income provinces and found that with the appreciation of the renminbi, raw material costs and labor costs have increased, while export tax rebate rates have decreased. In addition, two-thirds of textile companies only have a corporate profit margin of 0.62%, and the other third has a profit margin of 6%-10%.
After nearly a month of investigation, the China Textile and Apparel Industry Association submitted this report to the State Council in mid-March. Persistent efforts have generated hope that the government may restore the export tax rebate rate, providing a buffer space for the textile industry.
Lawmakers failed to examine such obvious circumstances before articulating the policy. However, with recent studies, the government may take decisions that will benefit the textile industry. AANHJJGHSFW
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