Export tax rebates to be raised
February 27, 2012 Category Foreign trade, Weekly
Export tax rebates will be increased this year in response to an export decline triggered by the European debt crisis. The move, which the Commerce Ministry said will be implemented when the time is appropriate, will be the first increase since 2009. From 2008 to 2009 when the financial crisis hit, China raised export tax rebates seven times on a wide range of goods. Tax rebate rates in general were increased to 13.5% in 2009 from 9.8% before the crisis. The aim is to achieve a 10% growth in exports this year. For the next 15 years, China is expected to lead world trade growth with an annual expansion rate of 6.29%, according to an HSBC report. The bank also expects China to overtake the U.S. as the world’s biggest trading nation by 2016. China’s resilient economic growth and increased domestic consumption would continue to drive demand for commodities, consumer electronics, and cars, HSBC said. The yuan would account for up to 50% of domestic trade settlement by 2015, it added.
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