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China Will Once Again Raise The Export Tax Rebate Rate Of The Six Industries.

2009/3/27 15:40:00 42036

Premier Wen Jiabao chaired a State Council executive meeting yesterday, and decided to raise the export tax rebate rate of some textile, clothing, light industry, steel, nonferrous metals, petrochemical and electronic information products since April 1, 2009, but did not announce details of raising the export tax rebate rate.

Prior to this, the executive meeting of the State Council proposed that the export tax rebate rate of some industries should be adjusted in the industrial restructuring and revitalization plan.

Among them, the export rebate rate of 631 light industrial products will be raised to 13%, the export rebate rate of some commodities will be restored to the level before July 1, 2007, the export tax rebate rate of textile and clothing will increase from 14% to 15%; the export tax rebate intensity of electronic information products will continue to be maintained; the export tax rebate rate structure of non-ferrous metal products will be adjusted; the steel industry will implement moderately flexible export tax policies to stabilize the international market share.

Zhao Zhongxiu, Dean of the Institute of international trade and economics of the University of foreign trade and economics, told the "daily economic news" that the products that will increase the export rebate rate are included in the revitalization plan of the ten industries, but the policy effect may not be optimistic.

Data released by the Ministry of industry and information yesterday also showed that the export rebate rate of five products increased in the second half of last year, compared with 18.7% in the ~2 months of January this year, accounting for 49% of total exports.

Despite the promotion of the comprehensive policy effect of expanding domestic demand, the production of light industry and textile industry has recovered rapidly, but the export situation is still grim.

The value added of textile enterprises in January ~2 increased by 5.8% over the same period last year, but the value of export delivery decreased by 8.1%. In January, the export of steel products dropped by 52% in the month of January. Influenced by the changes of international economic and financial situation, the production and export of electronic manufacturing industry continued to decline significantly, and the export delivery value in the first two months was 19% lower than the same period, and the export decline continued to expand.

However, Zhao Zhongxiu analysis pointed out that at present, increasing the export tax rebate rate is a measure of equity, which can only alleviate the pressure of enterprises. Now the uncertainty of the whole external market is still very large, and the final demand is still decreasing. The effect of raising the export tax rebate rate is relatively limited.

The export tax rebate rate of steel, petrochemical and other industries will also increase at the same time.

Analysts believe that this is to readjust the macroeconomic policies of the past in response to the financial crisis.

Earlier, in order to limit the "two high one capital" industry, the state increased their export costs by lowering the export tax rebate rate.