The State Council has approved new stimulus plans for the textile and heavy machinery manufacturing sectors, the South China Morning Post reported. The plans include higher export rebates for textiles – to 15% from 14% – the second increase in three months. Heavy machinery manufacturers will also enjoy tax incentives, but more emphasis will be placed on encouraging research and development. "Risk funding incentives" would also be allocated to encourage companies to invest in machines not yet produced in China. Manufacturing activity in China contracted again in January, though by a smaller margin than in the previous month.
Categories