The plan said the
annual production of large textile enterprises (with annual revenue of
more than 5 million yuan or US$732,000) was expected to increase by 10
percent year on year. Thus, if the plan
was fulfilled, the annual output of such enterprises would rise to 1.2
trillion yuan by 2011 from 812.6 billion yuan in 2007, instead of 850
billion yuan in 2008 stated in an earlier report on Friday Textile and garment exports were expected to grow 8 percent annually during the same period to US$240 billion by 2011″..The country would
also do more to eliminate obsolete capacity, reduce energy consumption
and increase efficiency in the textile industry China has raised
the export tax rebate rate for textiles five times since August to help
textile makers cope with stagnant demand. The most recent increase,
announced this month, took the rate from 15 percent to 16 percent Since January,
China has announced stimulus plans for 10 industries, including
vehicles, steel, shipbuilding, textiles, machinery, electronics and
information technology”.