By Gong Zhengzheng (China Daily)
;v't*Z9W4^-bforum.fobshanghai.comFOB Business Forum/L6B,F+z'd%})T4M
9r4e:A$?6R4e#?4ZFOB Business ForumThe government will eliminate or cut tax rebates for more than 2,800 export items from July 1 - in the boldest move yet to rein in exports since it joined the World Trade Organization in 2001.
;U"?)X;U;T%o+^FOB Business ForumFOB Business Forum"B%\.n)t.C k'd*G8B
The affected items account for 37 percent of all export products, the Ministry of Finance announced yesterday.
FOB Business Forum.j:K;X9r!Z3}:n)m
:B#T7U$x5q"|3E1p#dExport tax rebates for 553 "highly energy-consuming and resource-intensive" products, such as cement, fertilizer and non-ferrous metals, will be eliminated, the ministry said.
business forum,trade forum,business opportunity,Business China,Business India,Brazil business+j7j$m!M N+l"k,\"@3X
+R+g2s:W7y;f[A Professional Business Forum]Rebates for another 2,268 products, described as "easy to trigger trade frictions", will be slashed from 8-17 percent to 5-11 percent. They include garments, toys, steel products and motorcycles.
FOB Business Forum%s"\7P/L3J
1}.{'U$t9`!C v6Iforum.fobshanghai.com2b&P&E1f9i;j6v
Yesterday's announcement follows the imposition or raising of export tariffs on 142 categories of goods effective June 1. The products include steel billets and non-ferrous metal minerals.
-A$U6m-h0q1[:^(`2w0m4b
*m+{,}8o3A'R;Hforum.fobshanghai.comBoth steps are part of the policy package designed to control soaring exports and bloating trade surplus.
FOB Business Forum1B-W(d2o0X7y(r'k.T,C
'f"Y4O"Q7d9?,C[A Professional Business Forum]From January to May, exports surged 27.8 percent year-on-year to $443.5 billion; and the trade surplus rocketed 83.1 percent to $85.7 billion, according to Customs statistics.
-M4H:B7e$P/m+l-s-Jbusiness forum,trade forum,business opportunity,Business China,Business India,Brazil businessbusiness forum,trade forum,business opportunity,Business China,Business India,Brazil business(s1C&m)a6a%G ?0{"m
The huge surplus has aggravated such problems as trade conflicts with other countries and pressures on China to revalue the renminbi, as well as excessive liquidity at home, the ministry said.
business forum,trade forum,business opportunity,Business China,Business India,Brazil business:G6j(?2G*c1{%Z*P&W(F8T9r2F
&a2`4}3[/Aforum.fobshanghai.comLiu Xueqin, a researcher with the Chinese Academy of International Trade and Economic Cooperation affiliated to the Ministry of Commerce, said: "The new policy will restrain exports because it affects a broad range of products."
!j3g)B6@ s
9w;I"\4? ?+H9b4Lforum.fobshanghai.comDomestic producers say they are already feeling the pressure from the export control measures.
7w#L3@,v6\+j0W"j,o$k"BFOB Business ForumFOB Business Forum4]4g,u8i3\#K
"Our steel companies are at threat (of losing foreign markets). But we can understand the overall significance of the policy," Qi Xiangdong, deputy secretary general of the China Iron & Steel Association, told China Daily.
FOB Business Forum2e$j P(H)`3U'{
#Q5B3e.B'H9O7k*e(U5r3wFOB Business ForumThe association predicted earlier that, as a result of the export disincentives, the country - the world's top steel producer - would this year export no more or even less than last year.
7f+|4d E1Y.P3x(D"W:x"U8w
'j5g2u&o,I[A Professional Business Forum]Steel exports totaled 43 million tons in 2006, a growth of 110 percent over 2005.
business forum,trade forum,business opportunity,Business China,Business India,Brazil business/z)x$A7P4K"W'P
'A)H%s2D-s:h$Y[A Professional Business Forum]The finance ministry said the new policy will also help slow down investment in fixed assets and reduce over-capacity; and lead to sustainable development.
*P)K*@7U0g9o#w(f,`8~'o#c
'P"m4r9m$B%`2_Many industrial sectors, such as steel, cement and motorcycles, are believed to have excessive production capacity in relation to domestic demand.
FOB Business Forum2B:o:r*O.T-@2| t
/h {'Z W!@FOB Business ForumFOB Business Forum.T.H J;t2H8q/x8f
(China Daily 06/20/2007 page1)
1h*{ F5E/w:@business forum,trade forum,business opportunity,Business China,Business India,Brazil businessFrom:
http://www.chinadaily.com.cn/china/2007-06/20/content_897889.htm
&U*?,y)A8I8X9Z[A Professional Business Forum]http://english.mofcom.gov.cn/aar ... 20070604802827.html[A Professional Business Forum]4Z!O-Z)C3z;M
If you can read Chinese, please visit
http://bbs.fobshanghai.com/thread-590670-1-1.html
