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More tax rebates for exporters
By Wang Yanlin |
June 8, 2009, Monday
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Online Edition
Online Edition
CHINA has raised export tax rebates on some goods including machinery, furniture, toys and plastic products - another move to help weather the sagging international trade in the global economic recession.
But experts said the outcome might not live up to government expectations because it will not help restore the damaged external demand.
The Ministry of Finance said today that the export rebate for machinery such as sewing machines was expanded to 17 percent from 14 percent. The rebate for furniture and toys was raised to 15 percent from 13 percent and 14 percent respectively. The rebate for plastics was increased to 13 percent from 11 percent.
Other items including porcelain, glass and steel, aquatic products, trunks, shoes, caps and some processed agricultural products, also had rebates increased from June 1, the ministry said.
"The government obviously intends to save the country's export sector," said Xue Jun, a trade analyst at Changjiang Securities Co. "It may help domestic exporters reduce business costs, but it can't deal with the root of the problem - the contraction of external demand."
China's exports fell 22.6 percent in April from a year earlier, compared with drops of 17.1 percent in March and 25.7 percent in February. A further slip in April dampened optimism that China's exports had started to recover.
Luo Qin, a tax professor at Shanghai Lixin University of Commerce, said frequent rises in rebates and subsidies might lead to trading conflicts with other countries.
China has raised export tax rebates seven times since August to help struggling exporters. In the first quarter of this year, tax rebates in China amounted to 102.9 billion yuan (US$15.1 billion), up 18.4 percent from a year earlier or an increase of 16 billion yuan.
But experts said the outcome might not live up to government expectations because it will not help restore the damaged external demand.
The Ministry of Finance said today that the export rebate for machinery such as sewing machines was expanded to 17 percent from 14 percent. The rebate for furniture and toys was raised to 15 percent from 13 percent and 14 percent respectively. The rebate for plastics was increased to 13 percent from 11 percent.
Other items including porcelain, glass and steel, aquatic products, trunks, shoes, caps and some processed agricultural products, also had rebates increased from June 1, the ministry said.
"The government obviously intends to save the country's export sector," said Xue Jun, a trade analyst at Changjiang Securities Co. "It may help domestic exporters reduce business costs, but it can't deal with the root of the problem - the contraction of external demand."
China's exports fell 22.6 percent in April from a year earlier, compared with drops of 17.1 percent in March and 25.7 percent in February. A further slip in April dampened optimism that China's exports had started to recover.
Luo Qin, a tax professor at Shanghai Lixin University of Commerce, said frequent rises in rebates and subsidies might lead to trading conflicts with other countries.
China has raised export tax rebates seven times since August to help struggling exporters. In the first quarter of this year, tax rebates in China amounted to 102.9 billion yuan (US$15.1 billion), up 18.4 percent from a year earlier or an increase of 16 billion yuan.
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