Hong Kong's chief executive has announced a new infrastructure development plan to boost the territory's competitiveness and the European Union has announced it will scrap import quotas for Chinese textiles.

The European Union (EU) has agreed with China to end quota restrictions on Chinese textile imports with a joint surveillance system to monitor the trade flow in 2008, the European Commission said.

Under the motto "Innovation in Motion & Drives", Siemens Automation and Drives (A&D) will present drive and automation solutions for the textile industry at the ITMA show from September 13 thru 20, 2007 in Munich, Germany. Products and systems for the entire production process will be presented.

The Chinese government is preparing to cut the export tax rebate on textile products to help balance the country's trade surplus, the China Securities Journal reported in Beijing on Friday.