China to raise export tax rebates for textile, garment products
October 21, 2008
BEIJING, Oct. 21, (Xinhua) — China is to raise the tax rebate for certain textile and garment exports to help producers cope with the paper-thin profit margins squeezed by slacking market demand, yuan’s appreciation and rising production cost.
Export tax rebates for some textile and garment items would be increased by 1 percent to 14 percent from Nov. 1, according to a circular on the web site of the Ministry of Finance (MOF) on Tuesday.
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Suggestions By MOC to Support China’s Exports
October 15, 2008
Acording to Nanfang Daily Newspaper, China’s Ministry of Commerce (MOC) has officially made suggestions to the State Council, or the cabinet, to increase tax rebates for certain exporting items including garments, toys and shoes.
The suggestions aiming at preventing exports from sliding more! Here you can read the news from China Daily:
Customs data showed that trade surplus for the first six months shrank to US$99 billion, down by 11.8 percent year-on-year, and the trade surplus in June alone declined by more than 20.6 percent, making it US$5.5 billion less than the previous month.
Exports of the most seriously influenced textile and garment sectors declined by 4.2 percent year-on-year to US$15.5 billion in June, representing the slowest increase in five years.
The sources said last week the State Council required the MOC to hand in a report on China’s foreign trade in the first half of this year.
In the report, the MOC said export enterprises need more time to make adjustments to unexpected challenges such as rising raw material prices, the appreciation of the yuan and the slowdown of US economy, or more firms will close their doors, the newspaper reported.
“Some industries, especially the garment and textile sectors, are facing export difficulties brought by the international economy change and the appreciation of yuan,” said vice minister of commerce Gao Hucheng on Monday.
Gao said the MOC and related parties are working on policy changes accordingly.
The newspaper said the ministry has suggested that policies shift to support the export businesses by increasing tax rebates and slowing down yuan appreciation.
China’s currency, the yuan, last Friday broke the 6.84 mark to set a new high against the weakening US dollar for the second consecutive day.
The newspaper said in its report that the textile export rebate will be increased to 13 percent from 11 percent, and the garment export rebate will be lifted to 15 percent from 11 percent.
“Given the pain of the textile enterprises, it’s just a matter of time before the government shifts its policies,” said Wang Qian, Webtextile.com editor-in-chief was quoted by the newspaer as saying.
At the beginning of the month, Premier Wen Jiabao visited Shanghai and Jiangsu. Last week, other top leaders, including Vice Premier Li Keqiang and Commerce Minister Chen Deming, traveled to export-oriented provinces and visited enterprises, many of which were in the textile sector.
This week, the central economic work conference will be held in Beijing, and the meeting will appraise the macro economy in the first half of this year.
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Transition to support “growth” from curbing “inflation”
August 8, 2008
Bloomberg published an article today, you can read introduction below:
Aug. 8 (Bloomberg) — China’s trade surplus probably fell for a fourth straight month, increasing the likelihood of more government measures to sustain the economy’s expansion rather than stamp out inflation.
The gap narrowed 17 percent to $20.25 billion in July from a year earlier, according to the median estimate of 16 economists surveyed by Bloomberg News.
China has loosened bank lending quotas, raised tax rebates for some exports and halted gains by the yuan to help manufacturers and small businesses as the world’s fastest- growing major economy shifts down a gear. President Hu Jintao, hosting the Olympic Games from tonight, said Aug. 1 that the country needs to maintain “steady and fast” growth.
“The government has little choice but to loosen policies to protect company profits and employment,” said Liao Qun, chief economist at Citic Ka Wah Bank in Hong Kong. “China will probably keep slowing the pace of currency appreciation in the second half and announce more measures to help businesses.”
Inflation may have cooled to the slowest pace in seven months in July, allowing policy makers to put a bigger emphasis on stimulating the economy.
…. (you can read the rest of Article from Bloomberg News.)
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Tax rebate on textiles rises to 13%
August 1, 2008
Aug. 1 — China will raise the tax rebate on a range of textiles and garments to 13 percent from 11 percent, a shot in the arm for exporters that are struggling with a stronger yuan, weakening demand and rising costs.
The move will take effect from today.
The government also decided to scrap the tax rebate on a slew of energy-intensive, highly polluting products or resource products such as pesticides, zinc and silver. [Read more]
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