CHINA SETS UP US$175 MILLION FUND :: Gdynia Cotton Association

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Home Page :: News / Events :: Current :: CHINA SETS UP US$175 MILLION TEXTILE INDUSTRY FUND

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has established a fund to support innovation and energy efficiency in the textile industry as it tries to ease trade frictions, Xinhua news agency reported, citing an official from China's top planning agency.

The fund, using 1.36 billion yuan (US$175 million) from textile export tariffs, will help develop new fibers, reduce environmental impact and upgrade technology.

The government wants to encourage a different pattern of growth in the industry, including developing more products with proprietary intellectual property rights, to reduce dumping accusations against China.

Zhang Li of the Bureau of Economic Operation, part of the National Development and Reform Commission. Said, China's textile exports climbed 25 percent last year from 2005, accounting for 15 percent of total exports, according to the news agency.

China Daily

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