China's Export Tax Rebate Up Again
In order to stabilize and boost the sluggish external demand
, China once again resorted to rising the export tax rebate rate.
Ministry of Finance announced yesterday by the State Council, from June 1 further rise more than 2600 kinds of goods from the export tax rebate rate. This is the third time to rise the export tax rebate rate.
Rise taxes on the industry is welcomed, but experts believe that, due to external demand weaker, coupled with excess capacity and lack of bargaining power, most of the export tax rebate for foreign buyers to obtain benefits, this policy adjustment effect can hardly be optimistic.
Cancellation of 11% and 14% tax rebate rate grade.
Specific content will be canned, juice and other deep-processed products export tax rebate rate from 13% increase to 15%; the corn starch, alcohol, export rebate rate from 0 up to 5%; the steel profiles, cold-rolled stainless steel and so on export tax rebate from 5% increase to 9%.
The other increase export tax rebate rate commodities are: the bags, shoes, hats, toys, furniture, etc. from 13% to 15%; some part of the plastic, ceramic, glass from 11% to 13%; the scissors and other hardware products from the 5% and 11% respectively up to 9%, 13%.
In addition, it will increase household appliances, single crystal silicon rod, insulin and other high-tech products export tax rebate rate.
Industry experts analyzes that from the adjustment of product catalog can be seen, to expand advantage products share in world markets, stabilize labor-intensive products export, to encourage the hi-tech industry development, are the key purpose for this policy adjustment.
It is worth noting that this policy abolished the 11% and 14% in two grades, and the tax rebate rate was reduced from 7 to 9 grades.
The industry believes that this shows that decision-making in order to stabilize the external market increased adjustment intensity.
Some experts believes that this policy adjustment for export enterprises is relatively a good news.
Since last August, the Chinese government adjusted its export tax rebate six times, but from the data, and the situation did not stop the decline in exports.
Data shows that from January to April this year, China's foreign trade import and export value reached 599.41 billion U.S. dollars, year-on-year down 24.3%. Among them, exports 337.42 billion U.S. dollars, year-on-year down 20.5%; imports 261.99 billion U.S. dollars, year-on-year down 28.7%.
Currently, for the steel industry, on the one hand steel demand is weak, especially for the manufacturing of plate; on the other hand, China's steel in the international area lack of competition.
by: Amanda Xia
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