China Issues Five-Year Plan for the Textile Industry

The Ministry of Industry and Information Technology of China (MIIT) published the Textile Industry Development Plan (2016-2020) at its website on September 28, 2016. The Plan aims to maintain a 6-7% of average annual industrial growth, and maintain the Chinese textiles current share in the global market. The Plan gives priority to boosting innovation, optimizing product supply structure, improving product quality, cultivating brands, promoting smart manufacturing, speeding up green development, promoting harmonized regional development, and raising enterprises comprehensive competitiveness. As safeguard measures for implementation, the Plancalls on the government to use existing government funds, as well as implementing tax incentives, financial support, and cotton supply adjustment mechanisms to support the textile industrys development in encouraged areas.