Dawn For Medium And Small Shoe And Clothing Enterprises: Credit Relaxation, Export Tax Rebate And Callback

Credit easing, export tax rebate or industrial policy concessions?

These initiatives, which are likely to improve the operating conditions of small and medium-sized enterprises under tight macroeconomic control policies, have been a hot topic recently. Now these discussions are beginning to come true.

At 11 a.m. on July 31st, the textile industry association and some textile enterprises received telephone notices from the competent departments. They were told that the export tax rebate for textile and garment was up by 2 percentage points in August 1st.

According to sources, in July 25th, the central bank's internal meeting, SME credit problem has also been mentioned.

The solution is that if necessary, it can be increased by 10% based on the lending amount of SMEs last year.

Now, in August, action has already begun.

Slowing down speed

A clothing business manager said they knew that the export tax rebate would be callback, but the news heard before was a 4 percentage point return.

According to the notice issued by the Ministry of Finance and the State Administration of Taxation on Thursday's export tax rebate rate adjustment for some textiles and garments, the export tax rebate rate of some textiles and clothing increased by 2 percentage points from 11% to 13%.

First textile network editor in chief Wang Qian said that the textile export tax rebate rate callback percentage point is equivalent to 1% of the total export volume of enterprises directly increased to the profits of enterprises. For export-oriented enterprises, the export tax rebate rate callback is positive and rapid.

When the policy has not yet been released, industry associations and analysts have settled the bill.

If the export tax rebate rate is adjusted by 2 percentage points, the total profit of the textile industry will increase by 2 billion 600 million US dollars. According to the exchange rate of 6.8, the profit of enterprises will increase by 17 billion 690 million yuan.

Wang assumed that textile and clothing exports increased by 10% over the previous year in 2008.

Zhang Bin, an analyst with state securities (600109 quotes, love shares, information), thinks that raising the tax rebate rate will not change the trend of the decline in the industry's profit growth rate. It will not have a significant impact on the annual earnings of listed companies, nor will it change the trend of the decline in export growth.

"The textile and clothing tax rebate rate increase is conducive to enhancing exports, but it is mainly conducive to small and medium enterprises, and has little effect on large and medium-sized enterprises.

At present, industry integration urgently needs the survival of the fittest, eliminating a small part of production capacity. The change of the national policy actually delayed the process of market selection. Zhang Bin did not agree with this preferential tax policy.

In fact, this adjustment is 2 percentage points lower than expected. The financial sector has also considered whether there is a retreat in the goal of structural adjustment of industrial upgrading, so the export tax rebates only raise part of the textile and clothing.

Credit easing

Chen Quansheng, a scholar, wrote the Research Report for the two time this year to the top of the State Council. He stressed in his report that the survival and development of SMEs is related to employment and employment is the "foundation of people's livelihood".

When small and medium-sized enterprises are facing unprecedented difficulties, the government should timely introduce policies to support them.

The first report was after the snowstorm this year, the second time was June 30th.

Chen Quansheng believes that the export tax rebate is only one of the measures to slow down the burden on enterprises, but to support enterprises in order to solve bigger problems.

Wang Qian, who has many contacts with enterprises, also understands that the policy that the enterprises generally look forward to now is to cancel the margin of processing trade tax, which has been levied since 2000, which has increased the pressure of capital turnover of enterprises.

The biggest expectation is to relax credit control moderately.

How to adjust the credit of SMEs has always been a hot topic in the academic and academic circles in recent years.

According to sources, at the internal meeting held by the central bank in July 25th, the signal pmitted by the credit line was mainly structural relaxation. For example, at the beginning of the year, the annual quota was set up, aiming at the small and medium enterprises, the "three rural" and the disaster areas, which should not be lower than the minimum loan amount set at the beginning of the year. If there is demand, it can increase by 10% on the basis of the beginning of the year.

At the same time, the NDRC intends to set up a SME loan fund, but the final measure is not yet clear.

Then, how to solve the financing problem of small and medium-sized enterprises under the tight monetary policy?

Chen Quansheng stressed that a batch of key projects and national projects could be suspended, such as high-speed railways, big steel and highways, and so on. They should be postponed until the macroeconomic conditions permit.

Of course, some government's "performance projects" naturally need to be cut down.

But this is only a short-term measure. If we take a long view, Chen Quansheng believes that a small regional joint-stock bank should be allowed.

"Big banks have big projects, small banks have small projects.

Big banks are reluctant to make small project loans.

From the point of view of small and medium-sized enterprises, we should set up a group of small banks specializing in small and medium enterprises to solve the financing problems of SMEs.

Chen Quansheng said.

Such a financing institution should exist in any place where small and medium-sized enterprises operate.

Zhejiang province is now pilot a SME loan company. In order to avoid risks, the pilot does not allow savings.

Chen Quansheng said small and medium enterprises loan companies should invite tenders, and regulators need to issue licences.

Assistance to small and medium enterprises

The export situation of Guangdong has been affected by the difficulties of small and medium-sized enterprises.

In the first half of May this year, Guangdong's textile and garment exports decreased by 13.6% compared to the same period last year.

More and more clothing enterprises in Guangdong are moving to ASEAN countries such as Vietnam and Kampuchea. At present, there are more than 400 Chinese textile factories in Kampuchea. Even before May this year, the export volume of Chinese clothing (000902 quotas, love shares and information) increased by 9.3%, 17 percentage points less than that of textile yarns and other fabrics.

In the same period last year, clothing exports grew by 7 percentage points higher than that of textiles.

Correspondingly, it is reported that small and medium-sized enterprises have been in a difficult position and a large number of enterprises have gone bankrupt.

According to customs statistics, exports of Chinese shoes, textiles, clothing and leather products dropped sharply from 1 to May this year.

Take shoes as an example. In May of this year, China exported 3 billion 390 million pairs of shoes, down 3.6% from the same period last year, and exported the same month in May.