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China takes new steps to boost exports
By Wang Yanlin |
September 13, 2012, Thursday
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Print Edition
Print Edition
CHINA will return export tax rebates faster, grant more loans to exporters and expand export credit insurance coverage to small businesses in its latest move to help traders and bolster the economy.
After a meeting chaired by Premier Wen Jiabao, the State Council, or the Cabinet, issued a statement saying the new measures were being rolled out to stabilize trade.
The decision follows the release of disappointing economic data for August.
China will also support exporters to explore deeper into markets such as Africa, Latin America, Southeast Asia and central and eastern Europe, the statement said. Meanwhile, the country will also deal with trade disputes actively to protect the interests of Chinese firms.
For importers, China will encourage the purchase of high-tech equipment to push forward industrial upgrading. The country also wants more foreign goods that can improve the lives of ordinary people.
The statement promised further cuts in red tape, making it more convenient and less expensive for traders to do business. Fees for quality supervision, inspection and quarantine in the fourth quarter will be scrapped, and fees for next year lowered.
"It is a piece of good news for traders," said Xue Jun, an analyst at CITIC Securities Co. "The new measures respond directly to exporters' shortage of cash at the moment and can bolster their confidence for the future in dealing with increasing trade protectionism."
Li Maoyu, an analyst at Changjiang Securities Co, said the moves were timely but not enough to cushion the weakening trade. "China may have to take more actions to stabilize trade growth," Li said.
China's exports and imports both performed badly in recent months. Trade in the first eight months edged up 6.2 percent from a year earlier, compared with this year's 10 percent expansion target.
Exports in August rose 2.7 percent and imports fell 2.6 percent - the first loss since January - reflecting continued weak demand at home and abroad. The data triggered deeper pessimism among economists and prompted more calls for easing policies.
Yesterday, Morgan Stanley trimmed its forecast for China's economic growth this year to 7.5 percent from 8 percent. Barclays cut its projection to 7.5 percent from 7.9 percent.
China's gross domestic product expanded 7.6 percent in the second quarter, the slowest pace in three years.
On Tuesday, Wen said that the nation's economy was expected to further stabilize as recent measures on tax cuts, the reserve requirement ratio, investment, infrastructure and trade facilitation took effect.
After a meeting chaired by Premier Wen Jiabao, the State Council, or the Cabinet, issued a statement saying the new measures were being rolled out to stabilize trade.
The decision follows the release of disappointing economic data for August.
China will also support exporters to explore deeper into markets such as Africa, Latin America, Southeast Asia and central and eastern Europe, the statement said. Meanwhile, the country will also deal with trade disputes actively to protect the interests of Chinese firms.
For importers, China will encourage the purchase of high-tech equipment to push forward industrial upgrading. The country also wants more foreign goods that can improve the lives of ordinary people.
The statement promised further cuts in red tape, making it more convenient and less expensive for traders to do business. Fees for quality supervision, inspection and quarantine in the fourth quarter will be scrapped, and fees for next year lowered.
"It is a piece of good news for traders," said Xue Jun, an analyst at CITIC Securities Co. "The new measures respond directly to exporters' shortage of cash at the moment and can bolster their confidence for the future in dealing with increasing trade protectionism."
Li Maoyu, an analyst at Changjiang Securities Co, said the moves were timely but not enough to cushion the weakening trade. "China may have to take more actions to stabilize trade growth," Li said.
China's exports and imports both performed badly in recent months. Trade in the first eight months edged up 6.2 percent from a year earlier, compared with this year's 10 percent expansion target.
Exports in August rose 2.7 percent and imports fell 2.6 percent - the first loss since January - reflecting continued weak demand at home and abroad. The data triggered deeper pessimism among economists and prompted more calls for easing policies.
Yesterday, Morgan Stanley trimmed its forecast for China's economic growth this year to 7.5 percent from 8 percent. Barclays cut its projection to 7.5 percent from 7.9 percent.
China's gross domestic product expanded 7.6 percent in the second quarter, the slowest pace in three years.
On Tuesday, Wen said that the nation's economy was expected to further stabilize as recent measures on tax cuts, the reserve requirement ratio, investment, infrastructure and trade facilitation took effect.
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