Ministry of Industry and Information Technology of PRC (MIIT) released a document, namely Advices Regarding to the Structural Adjustment for Textile Machinery Industry, recently in an effort to support the development of domestic textile machinery industry. According to the advices, related departments will provide supports for granted machinery makers in issuing company bonds, short-term financing and going to public etc.
The document sets a detailed target for the industry in 2009-2011: market share of domestic textile machinery may rise to 70% from 60%; market share of industrial textile machinery may rise to 30% from 10%; emissions of major pollutants during the manufacturing processes may drop by 10%.
The guideline also provides a series of measures including encouraging the use of domestic textile machines, increasing financial support for textile machinery enterprises as well as encouraging merges and acquisition to achieve this target.
In addition, those qualified producers who make high-speed air-jet looms and automatic winders could be exempted from paying import duties and import-related VAT in imports some key parts.
