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Government planning moves to help exporters
By Leo Zhang |
April 4, 2009, Saturday
|
Print Edition
Print Edition
CHINA is considering new tax and fiscal policies to support its struggling exporters, Deputy Commerce Minister Jiang Yaoping said yesterday.
The central government is also planning to improve trade financing for smaller exporters and boost the upgrading of export processing companies, Jiang told a media briefing in Beijing.
"Government support efforts have already taken effect" in helping trade, Jiang said. "The stimulus measures have created opportunities for Chinese exporters."
China's exports in February slumped 25.7 percent year on year, the steepest monthly decline in more than a decade, as global demand continued to deteriorate.
On March 27, China raised export tax rebates on items including garments, steel and petrochemical products. The rise was the sixth such move since August as the government stepped up efforts to tackle plummeting exports.
Jiang didn't give details but said that the country's exports would continue to face severe challenges because the global economy had yet to bottom out.
Although the government will offer more support to the exports sector, "We hope exporters can beef up products and technology innovation themselves to counter the financial crisis," Jiang said.
In November, China launched a 4-trillion-yuan (US$588 billion) stimulus package to boost investment and shore up domestic demand as the country aimed at achieving an economic growth of 8 percent this year.
The central government is likely to unveil a new package if economic figures for the second quarter are below expectations, Jia Kang, head of the Institute of Fiscal Science at the Ministry of Finance, said late last month.
The central government is also planning to improve trade financing for smaller exporters and boost the upgrading of export processing companies, Jiang told a media briefing in Beijing.
"Government support efforts have already taken effect" in helping trade, Jiang said. "The stimulus measures have created opportunities for Chinese exporters."
China's exports in February slumped 25.7 percent year on year, the steepest monthly decline in more than a decade, as global demand continued to deteriorate.
On March 27, China raised export tax rebates on items including garments, steel and petrochemical products. The rise was the sixth such move since August as the government stepped up efforts to tackle plummeting exports.
Jiang didn't give details but said that the country's exports would continue to face severe challenges because the global economy had yet to bottom out.
Although the government will offer more support to the exports sector, "We hope exporters can beef up products and technology innovation themselves to counter the financial crisis," Jiang said.
In November, China launched a 4-trillion-yuan (US$588 billion) stimulus package to boost investment and shore up domestic demand as the country aimed at achieving an economic growth of 8 percent this year.
The central government is likely to unveil a new package if economic figures for the second quarter are below expectations, Jia Kang, head of the Institute of Fiscal Science at the Ministry of Finance, said late last month.
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