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PrintShrinking external demand is the biggest difficulty for China to maintain economic growth. China also needs to transform the way of export growth. It is against this background that China has raised export tax rebates on some commodities seven times since the second half of last year, involving over a half of the total number of export goods.
China's seventh hike in export tax rebates took effect on June 1. It has raised tax rebates on over 7,530 types of export commodities during the first six hikes, involving over 55 percent of total export goods.
The seventh adjustment this time makes the total number of products involved in export tax rebate surpass 8,000 types.
From now on, export decline as a result of the shrinking external demand will continue to be the largest challenge faced by China's economic growth for a period of time, according to the executive meeting of the State Council convened on May 27.
Data released by customs revealed that China's exports during the first four months of the year totaled 337.42 billion USD, down 20.5 percent year-on-year. After deducting price factors, exports were down 18.1 percent.
The State Council therefore decided to further reinforce policy support to transform development modes of foreign trade, and prioritize the promotion of exports of advantageous products, labor-intensive products and new and high-tech products to maintain Chinese exports’ share in the international market.
Liu Shangxi, Deputy Director of the Research Institute for Fiscal Science at the Ministry of Finance, said further raising export tax rebates would reduce companies' burdens and strengthen their market competitiveness, which in turn would help expand exports and create jobs.
The Finance Ministry said when the government has always paid attention to deal with relations between maintaining economic growth and adjusting structures when considering the tax policy.
Products that require higher technologies and create more added value are the priorities in the export tax rebate hikes. High energy-consuming, heavily polluting and resource-intensive products do not enjoy any tax rebates.
It also prioritizes the promotion of exports of advantageous products, labor-intensive products and new and high-tech products.
Different hikes for different products also reflect China’s attempt to adjust the structure. –People’s Daily Online
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