China Reduces Import Taxes on Equipment Spare Parts
September 17, 2008
16 September 2008-China has reduced import taxes on spare parts of large equipment in an effort to aid domestic manufacturing.
Taxes paid by domestic manufacturers of large equipment for imports made after Jan. 1, 2008 will be refunded. These include key spare parts of large equipment such as ultra- and extra-high voltage transmission equipment and transformers, large petro-chemical equipment and large coal-chemical equipment.
The government has also canceled the import tariff exemption on some complete sets.
The tax exemption does not apply for the approved importation of some complete sets of equipment by domestic and foreign-funded projects made after Sept. 1.
On the other hand, imports of such equipment by enterprises approved before Sept. 1 will continue to enjoy previous tax policies until March 1,2009.
Source:Xinhua
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China Machine Tools Industry
July 20, 2008
China’s machine tool industry plays an important role in world machine tool industry in recent years.
In the aspect of output value, China has accounted 1/4 of the world machine tools. Therefore, the healthy development of China’s machine tool industry will promote the world machine tool industry continues to maintain a rapid development.
According to the National Bureau of Statistics data of whole machine tool industry, in 2007 the 4291 manufactories achieved RMB 274.77 billion in industrial output value, up 35.5 per cent year-on-year; RMB 268.1 billion of sale revenue, an increase of 36.2 per cent year-on-year; throughput of 97.6 per cent, an increase of 0.5 per cent year-on-year.
In 2007, the output of metal-cutting machine tool was 606,835 sets, an increase of 11.7 per cent year-on-year, among NC metal-cutting machine tool 123,257 sets, an increase of 32.6 per cent year-on-year;
Forming machine tool 172,766 sets, an increase of 9.2 per cent year-on-year, among NC forming machine tool 3,011 sets, an increase of 53.7 per cent year-on-year;
Woodworking machinery production and casting machinery 19.2 per cent and 15.4 per cent year-on-year respectively, metal cutting tools fell 0.4 per cent year-on-year.
Machine tool export has continued to grow rapidly. In 2007 it made $5.2 billion, up 36.2 per cent year-on-year, including metal processing machine tool $1.65 billion, increased 39.2 per cent year-on-year, NC metal processing machine tool $500 million , an in crease of 48.2 per cent year-on-year, accounting for 30 per cent of the metal processing machine tool, metal-cutting machine tool $1.22 billion, up 31.6 per cent year-on-year, forming machine tool $430 million, up 66.5 per cent year-on-year.
In 2007, the imports of machine tool was $11.77 billion, an increase of 5.7 per cent year-on-year, among metal processing machines tool $7.07 billion, a decrease of 2.4 per cent year-on-year. China’s foreign trade deficit of metal processing machine tool reached $5.42 in 2007, lower than the same period last year $6.06 billion.
Considering the overheated economy and higher inflation, the central government has tied the monetary policy, which has already affected on some investments, particularly small and medium-sized machine tool investors. China’s machine tool industry is expected to slow down, but, on the other hand, high-value-added products such as NC machine tool, large and heavy machine tool will still keep a strong growth, especially the state key projects and 16 major science and technology projects will boost the domestic demand for high-technical NC machine tool. China is expected to maintain a strong demand for NC machine tool in the next three to five years; in particular the large-scale NC machine tools will remain a 30 per cent growth.
source: Report Linker
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China’s auto import growth slows down in first five months
July 13, 2008
July 13 (Xinhua) — Growth in China’s auto imports slowed down in the first five months of this year, thanks largely to a compulsory coding system for standardizing vehicle purchase from abroad, according to General Administration of Customs.
The new import management system, which took effective in April, denies refitted and stolen motor vehicles access to the Chinese market.
Upon the tightened control, China’s auto imports in April declined 7.5 percent from March level to 37,000 units, and in May, went further down 18 percent from April level to 31,000 units. [Read more]
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FDI in China up 45.6%
July 11, 2008
July 11 (Xinhua) — Foreign direct investment (FDI) in China rose 45.6 percent in the first half of 2008 from a year earlier, as overseas investors continued to bank on the business opportunities in the world’s fastest growing major economy.
The FDI amounted to 52.4 billion U.S. dollars during the six months to June, the Ministry of Commerce said on Friday.
The surge was attributed to the country’s robust economic growth and stronger yuan, analysts said. Others factors include the sluggish U.S. economic growth and declining dollar.
China’s economy expanded 10.6 percent year on year, in the first quarter. The yuan gained 6.5 percent against the U.S. dollar in the first half.
The number of newly-approved foreign-funded companies total
ed 14,544, down 22.2 percent from the same period last year, the ministry added.
China’s forex regulator has urged greater supervision over the inflows of short-term global speculative funds as a large-scale capital flight on rising dollar could undermine the economy and financial security.
Analysts believed that tens of billions of dollars of “hot money” has entered the country in the guise of trade and investment so far this year.
Exports increased 21.9 percent year-on-year to 666.6 billion U.S. dollars in the first half, while imports rose 30.6 percent to 567.57 billion U.S. dollars, the General Administration of Customs said on Thursday.
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