Shanghai textile industry to get special funds from SFETC

Shanghai Foreign Economic Trade Committee (SFETC) has given its stamp of approval for allocating special funds to encourage the textile industry to quicken its structure adjustment, adopt developmental methods of foreign trade, explore overseas markets and carry out other trade-related activities. As a result, many local textile enterprises have begun to apply for these funds, which amount to 60 million yuan.

SFETC members said that these funds are different from financial aid allocated for foreign economic technique cooperation and from those given to small and middle enterprises to explore the international market. While other funds need to get the approval of China's Commerce Department, those approved by SFETC require approval of the local Governments only. Over one half of these funds will be used to finance research and development of textile enterprises in overseas markets.