China has from the beginning on 15 July, cancel a tax number 406 products for export tax rebates. The abolition of export refunds for silver powder, ethanol, corn starch, section steel, part of the non-ferrous metal processing wood, some pesticides, pharmaceuticals, chemical products, some of the plastic products, rubber and products, glass and products, a total of six. In conjunction with the first half of the trajectory of the policy, this adjustment of the export refund is covered by stimulating policy exit, the promotion of industrial upgrading, balance of trade surplus and to meet domestic demand, such as multiple meanings. Over a month now reform implementation, the effect already visible.
Export rebate adjustment: long-term good whole economies
This drawback adjustment very broad scope, is not located in the early general concerns of agricultural and medical products are also included in the adjustment range. In addition, from the first half of the frequent up reserves and restart the exchange rate regime, and a series of policy, the export tax rebate adjustment should be said that this is the continuation of a series of policy, on the whole economy in the long run is good, but short of the industries concerned, it is good or bad.
The author believes that the export refund for cancellation, the recovery in economic growth has been strong and steady growth, the country launched a series of stimulating policy gradually withdraw from a step in the process of chess. In the first half of the various policy and the cancellation of export rebate policy that economic stimulation phase came to an end. In addition, because the stimulation process all on the verge of elimination of the production capacity increased from the ashes, and there are signs that the economy has returned to normal, must be part of this production.
This drawback adjustment of another feature involved commodities are energy intensive industries, the period for adjustment of energy-consuming industries more obvious. In the present international reproduction and balanced, while rising labor costs in the background, the Chinese industrial adjustment and industrial upgrading is imminent. Whereas the abolition of the tax rebate products essentially need to retire and streamlining the scope of, or basis for raw materials and primary processing of products. Thus, promoting the industry upgrade is the abolition of export refunds is one of the important purpose.
On the other hand, increased labor costs due to coastal and land costs rise, the abolition of export refunds, makes part of the excess capacity or resource consumption rates are relatively high business and industry gradually transferred to the land and labor costs relatively inexpensive in the Western region, to meet the country's Western development strategy, in industrial space layout on transfer.
Since the first half of the global economic recovery is still relatively slow, major importing countries to commodity of anti-dumping cases on the rise. Before and after the G20 meeting, the State wishes to adopt policy adjustments to ease international community require appreciation of the Renminbi pressure, eventually to promoting China's economic transformation.
The statistics, the abolition of export refunds on products exports accounted for China's total exports 5.6% ~ 7.8%, the abolition of export refunds in the product range covers the total range of products for export tax rebate of 3%. The Ministry of Finance of the initiative for Chinese exports has little effect on the most extreme of cases, namely the abolition of export refunds for the export of products in the future are reduced to 0, and can only be made less total exports increased by 5%. But specific to the needs of various industry specific analysis. 123
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