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With the approval of the State Council, the Ministry of Finance and the State Administration of Taxation jointly issued a joint announcement to announce that the export tax rebate rate for some commodities has been raised again since June 1. The adjustment involves deep processing of agricultural products, machinery and electronics, shoes and hats, glass products, steel products, etc. More than 2,600 items of goods in the manufacturing sector.
This is the seventh time that China has raised the export tax rebate rate since the impact of the financial crisis in August last year. It is also another important measure to support exports after China issued a policy of further stabilizing foreign demand.
On the basis of a series of measures to support foreign trade growth in the previous stage, the State Council executive meeting on May 27 researched and deployed six major measures to further stabilize external demand, emphasizing that the current and future period, the shrinking of external demand leads to a decline in exports. China's economic growth is facing the greatest difficulty. While striving to expand domestic demand, we must do everything possible to stabilize external demand.
Liu Shangxi, deputy director of the Finance Department of the Ministry of Finance, said in an interview on the 8th that the adjustment of the export tax rebate rate is the latest measure to implement a series of supporting policies for the stability of external demand of the State Council, reflecting the adjustment and control of China's expansion of domestic demand and stable external demand. intention. "In the short term, the current export situation in China is still grim. Further increasing the export tax rebate rate will help reduce the cost of export enterprises and promote the stabilization of external demand."
According to the "Notice on Further Improving the Export Tax Rebate Rate of Some Commodities" jointly issued by the two departments, since June 1st, the export tax rebate rate for TV transmission equipment, sewing machines and other commodities has increased to 17%; while canned food, juice, and mulberry Such as agricultural deep processing products, electric gear pumps, semi-trailers and other mechanical and electrical products, optical components and other instruments, insulin preparations and other drugs, bags, shoes, hats, umbrellas, hair products, toys, furniture and other goods export tax rebate rate has also increased to 15% .
Wang Xianxian, deputy director of the Policy Research Office of the Ministry of Commerce, said that stabilizing external demand is of great significance to China's current economic growth, and has an irreplaceable role in stimulating economic growth, enhancing anti-risk ability and stabilizing employment. "The effect of exports on economic development may be weakened in the short term, but foreign trade has not fundamentally changed as the engine of the long-term development of the world and China's economy."
In fact, in response to the adverse effects of the international financial crisis, since last year, China has successively issued a series of policy measures to support the steady growth of foreign trade: the export tax rebate rate for some products has been raised several times in a row, and the current comprehensive tax rebate rate has reached 12.4%; SMEs explore the international market, especially to explore emerging markets and establish marketing networks; multi-channel loans to help export companies solve financing problems, since the last half of November last year, the country has added more than 6 trillion yuan in loans...
The data shows that although the total value of foreign trade imports and exports in January-April this year still fell by 24.3%, the decline in the month of April was 1.9 percentage points lower than the cumulative year-on-year decline in the first quarter of this year. In particular, the value of imports and exports in April and March increased by 10.4%, indicating that China's foreign trade situation has maintained signs of improvement in March, indicating a steady state. In addition, in the past two months, exports of labor-intensive products such as Chinese clothing have risen and fallen, general trade exports have been better than the overall, and processing trade imports and exports have also slowed down.
While stabilizing foreign demand, the Chinese government's control policy has always run through the main line of adjusting the industrial structure and accelerating the transformation and upgrading of foreign trade.
The Ministry of Finance revealed that in formulating the export tax rebate adjustment policy, we must always pay attention to the relationship between ensuring growth and adjusting the structure, and clearly define the products with higher technology content and higher added value as the focus of increasing the export tax rebate rate, and foster the export growth of imports. At the same time, the bottom line of the policy of canceling the export tax rebate for the "two high and one capital" products is not relaxed, and the transformation of export growth mode is promoted.
An Tifu, a professor at Renmin University of China, said that it is an internationally common means of fiscal and taxation to stabilize overseas market demand by adjusting the export tax rebate rate. The Chinese government implemented different export tax rebates for different products. On the basis of increasing support, it further highlighted the intention of structural adjustment and focused on promoting the export of advantageous products, labor-intensive products and high-tech products.
However, analysts pointed out that although there have been some positive changes in China's current economic operation, China's export situation is still not optimistic in the future. While stabilizing external demand, the government should work harder to expand domestic demand and transform development methods, and provide more support in areas such as expanding consumption, adjusting income distribution structure, and expanding public consumption.
This is the seventh time that China has raised the export tax rebate rate since the impact of the financial crisis in August last year. It is also another important measure to support exports after China issued a policy of further stabilizing foreign demand.
On the basis of a series of measures to support foreign trade growth in the previous stage, the State Council executive meeting on May 27 researched and deployed six major measures to further stabilize external demand, emphasizing that the current and future period, the shrinking of external demand leads to a decline in exports. China's economic growth is facing the greatest difficulty. While striving to expand domestic demand, we must do everything possible to stabilize external demand.
Liu Shangxi, deputy director of the Finance Department of the Ministry of Finance, said in an interview on the 8th that the adjustment of the export tax rebate rate is the latest measure to implement a series of supporting policies for the stability of external demand of the State Council, reflecting the adjustment and control of China's expansion of domestic demand and stable external demand. intention. "In the short term, the current export situation in China is still grim. Further increasing the export tax rebate rate will help reduce the cost of export enterprises and promote the stabilization of external demand."
According to the "Notice on Further Improving the Export Tax Rebate Rate of Some Commodities" jointly issued by the two departments, since June 1st, the export tax rebate rate for TV transmission equipment, sewing machines and other commodities has increased to 17%; while canned food, juice, and mulberry Such as agricultural deep processing products, electric gear pumps, semi-trailers and other mechanical and electrical products, optical components and other instruments, insulin preparations and other drugs, bags, shoes, hats, umbrellas, hair products, toys, furniture and other goods export tax rebate rate has also increased to 15% .
Wang Xianxian, deputy director of the Policy Research Office of the Ministry of Commerce, said that stabilizing external demand is of great significance to China's current economic growth, and has an irreplaceable role in stimulating economic growth, enhancing anti-risk ability and stabilizing employment. "The effect of exports on economic development may be weakened in the short term, but foreign trade has not fundamentally changed as the engine of the long-term development of the world and China's economy."
In fact, in response to the adverse effects of the international financial crisis, since last year, China has successively issued a series of policy measures to support the steady growth of foreign trade: the export tax rebate rate for some products has been raised several times in a row, and the current comprehensive tax rebate rate has reached 12.4%; SMEs explore the international market, especially to explore emerging markets and establish marketing networks; multi-channel loans to help export companies solve financing problems, since the last half of November last year, the country has added more than 6 trillion yuan in loans...
The data shows that although the total value of foreign trade imports and exports in January-April this year still fell by 24.3%, the decline in the month of April was 1.9 percentage points lower than the cumulative year-on-year decline in the first quarter of this year. In particular, the value of imports and exports in April and March increased by 10.4%, indicating that China's foreign trade situation has maintained signs of improvement in March, indicating a steady state. In addition, in the past two months, exports of labor-intensive products such as Chinese clothing have risen and fallen, general trade exports have been better than the overall, and processing trade imports and exports have also slowed down.
While stabilizing foreign demand, the Chinese government's control policy has always run through the main line of adjusting the industrial structure and accelerating the transformation and upgrading of foreign trade.
The Ministry of Finance revealed that in formulating the export tax rebate adjustment policy, we must always pay attention to the relationship between ensuring growth and adjusting the structure, and clearly define the products with higher technology content and higher added value as the focus of increasing the export tax rebate rate, and foster the export growth of imports. At the same time, the bottom line of the policy of canceling the export tax rebate for the "two high and one capital" products is not relaxed, and the transformation of export growth mode is promoted.
An Tifu, a professor at Renmin University of China, said that it is an internationally common means of fiscal and taxation to stabilize overseas market demand by adjusting the export tax rebate rate. The Chinese government implemented different export tax rebates for different products. On the basis of increasing support, it further highlighted the intention of structural adjustment and focused on promoting the export of advantageous products, labor-intensive products and high-tech products.
However, analysts pointed out that although there have been some positive changes in China's current economic operation, China's export situation is still not optimistic in the future. While stabilizing external demand, the government should work harder to expand domestic demand and transform development methods, and provide more support in areas such as expanding consumption, adjusting income distribution structure, and expanding public consumption.
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