BIZCHINA / From the Watchdogs |
Textile machinery imports enjoy preferential dutiesBy Du Xiaoli (chinadaily.com.cn)
Updated: 2007-07-05 14:43
From January 1, 2007, China implemented rebates on importtariffs and value-added taxes for some key parts and components imported by domestic companies to develop and manufacture high-speed air-jet looms and automatic winders. The rebates were treated as national investment used mainly in product development and technological innovation.
The launch of the new policy signals that preferential import duties to revive domestic equipment manufacturing have entered substantial implementation. Policies of preferential duties on other equipment imports will be launched in succession. As a basic industry, China's equipment manufacturing currently has many problems, such as the inability to innovate, high dependency on foreign products, unreasonable industrial structure and weak international competitiveness. China's textile machinery sector has two tasks - the revival of textile equipment manufacturing and the promotion of textile industry upgrading during the11th Five-Year Program, according to the Ministry of Finance. The import duty adjustment aims at creating fair competition for textile machinery enterprises, it added. |
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