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Large portion of export rebate goes to overseas buyer – Report

27
Jul '09
Beijing Institute of Economics released its macro-economic report on the second quarter of 2009, which says that the policy of protecting growth will be intensified in the second half of this year.

Domestic demand mainly depends on investment and that the 8 percent target of economic growth is estimated be completed, but the state should pay attention to improve and enhance the quality of economic growth.

According to data published by the National Bureau of Statistics, economic growth was 7.1 percent in the first half with annual growth rate being 1.0 percent faster than the first quarter.

Investments in fixed asset rose 33.5 percent, total retail sales of social consumer goods grew 15 percent, net exports continued to decline. Positive factors in economic operation increased leading to a marginal stability.

Experts point out that under the circumstance of demand drop in foreign countries and reduction in domestic market, the government policy of adjusting export volumes through export tax rebate has had a poor effect.

Because under such market situation, when Chinese government raises export tax rebates, foreign countries will easily impose protective measures or buyers put pressure on Chinese companies to lower rates.

This leads Chinese companies to provide concessions to their buyers in the form of price cuts, which in effect means that the benefits of export tax rebate are passed on to the buyer rather than it staying with the exporter.

According to the report, the state raised export tax rebate rate 7 times, in order to stabilize export and the average rate of export tax rebate is now up to 13.5 percent.

The report forecasts that international market will remain in relatively low economic growth in the second half of this year and the demand situation form overseas markets may not see much improvement.

Fibre2fashion News Desk - China


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