BEIJING (Dow Jones)--China will continue to increase export-tax rebates on textiles to stabilize the share of the world market held by domestic companies, and is aiming to keep textile export growth at an average of 8% each year through the end of 2011, the State Council, or Cabinet, said Friday.
Beijing has raised the rebates on some clothing and textiles to 16% starting April 1, leaving it room to raise the rebates by only one percentage point to the ceiling of 17%.
The State Council said in a statement detailing its plan to revitalize the textile sector it is targeting annual average production growth of 10% each year through 2011.
Beijing has outlined plans to revive 10 industries, including the automobile and steel sectors, and has been publishing details of some of these plans recently.
The plans are intended to support economic growth as the global economy shrinks, and increase the competitiveness of China's industries over the long term.