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China to discuss support plans for machinery, textile industries

(Xinhua)
Updated: 2009-02-03 15:31

Support plans for the machinery and textile industries have been drafted and will be submitted to the State Council, the Chinese cabinet, for discussion, according to a media report.

Related readings:  China unveils support package to auto, steel industries  Govt vows support for hard-hit industries  Chinese premier calls for support of SMEs

The Shanghai Securities News reported Tuesday that the machinery part of the plans aims to reduce reliance on imported parts.

Yang Liping, an analyst with the Beijing-based Dongxing Securities, said China should scrap tariff exemptions for imported machinery parts that China could produce on its own.

According to the newspaper, the textile industry support plan may include increasing export rebates for textile producers to 15 percent from the current rate of 14 percent, which was implemented on November 1, 2008.

It also includes a special textile-industry fund for structural adjustment and technological upgrading.