China to offer more tax rebates for light industry

China will offer more tax and fee breaks for textile, garment and some other light industrial firms to help them weather drooping external demand, the state council, or the cabinet, said on Wednesday.

Since July, China has twice increased refunds of value-added taxes to textile exporters, a big job creator in the world's most populous country. It has also raised export tax rebates on a wide range of products including aluminium, rubber and toys.

'Suffering from the changing domestic and external economic environment, the development of the textile industry is facing an unprecedented tough situation,' the cabinet said in a statement summarising its working meeting.

'Feasible and effective measures must be adopted to further help the textile industry surmount difficulties,' according to a statement published on the central government's Website (www.gov.cn).

It also promised to remove various administrative fees and charges on textile and garment makers as well as offer them more bank loans and help them explore new markets.

Worrying about a heavy blow from the unfolding global crisis, China is now focusing on trying to bolster weakening economic growth by spurring domestic consumption and investment.

Beijing recently announced a 4-trillion-yuan ($586 billion) fiscal stimulus package, hoping to ensure an annual economic expansion above 8 percent so as to create enough jobs.

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