Export Tax Rebates For Textile Shoes And Hats Are Expected To Rise.
"This should be the last amendment and solicitation of opinions, so as to pave the way for the final plan." Yesterday, a source close to the Ministry of industry and information disclosed to the daily economic news that a letter of opinion from a number of ministries and trade associations has been sent to enterprises everywhere. Its core content is the decision to return export tax rebates for textile and garment, reduce the slip tax on cotton imports, and appropriately solve the liquidity in the textile and garment industry.
Judging from the current market reaction, these three items have become the key policies to support the continued existence of Chinese textile enterprises. Affected by the good news, the price of the textile listed companies on Thursday increased. But unexpectedly, the source told reporters that most companies do not yet know this letter of opinion, because they are not in the protected range.
Core policy and supporting policy
Yesterday, the reporter learned from authoritative channels. Recently, the newly established Ministry of information and industrialization issued a letter of advice from various ministries and associations of the national development and Reform Commission, Ministry of Commerce, Ministry of finance, China Textile Industry Association, China Cotton Association and other trade associations, aiming to solve the current difficulties faced by the domestic textile industry.
According to the relevant sources, the contents of the letter are divided into five points. Among them, "the textile export tax rebate rate will be raised from 11% to 13%, and the export rebate rate from 11% to 15%". "Cotton import slip tax reduced to 570~357, equivalent to 5% to 3%", and the "moderate solution of textile and garment industry liquidity problems" three points were seen as "life-saving straw" in the textile industry. At the same time, "exemption from import tariffs of some textile machinery and automatic winding machines" and "measures to moderate the appreciation rate of RMB exchange rate" are also mentioned.
Prior to that, China's first textile network had estimated that if the tax rebate, interest expense reduction and the cost reduction of cotton were all carried out as expected, China's textile enterprises would increase profits by about 18 billion 500 million yuan.
Yesterday, the reporter called the first textile network general manager Wang Jin. He believes that in this letter of opinion, generally can be divided into two categories of core support policies and supporting policies. "On the exemption of import tariffs on some textile machinery, it means that many key machinery of many domestic textile enterprises were imported from abroad before tax exemption, and after the abolition of this policy in 2007, the capital chain of enterprises was under pressure."
Since 2007, the state has gradually lowered the export tax rebate, and expanded the macro-control policies such as the prohibited catalogue of processing trade. Almost all of the same period, the sub-prime mortgage crisis broke out suddenly, and Chinese textile enterprises suddenly fell into the double pressure of export tax rebate reduction and RMB appreciation.
Only the minority were rescued.
The umbrella has been stretched out, but there are few qualified people to rely on.
"What I know is that the proportion of enterprises receiving this letter of opinion is not large, and most enterprises are not within the scope of notification." According to people familiar with the matter, at present, the state organs only send comments to some representative enterprises in the industry. From the classification, they belong to the main enterprises of clothing, shoes and hat manufacturers. "This view is impossible to cover the whole country." The source did not reveal why.
After knowing that they will enjoy the support policy, a head of a textile enterprise in China said, "we have been looking forward to this policy for a long time." He told reporters that from the present point of view, the export tax rebate adjustment is the most direct means of supporting enterprises in the current support policies. "At present, the profit of the textile industry is only 1%. If the export tax rebate for textile and clothing can be raised by 2-4%, that means that the company will earn more 2-4% gross profit, which is very important for us at the moment."
In response, Qin Hong, an investment analyst in Bohai, said that the reduction in export tax rebates made the export of textile industry difficult and the continued appreciation of the renminbi intensified this trend. If the export tax rebate rate has been raised, it will inject new vitality into the development of the textile industry.
But there are also some enterprises that are calm about the government's support policies. They believe that the order will not be blindly accepted until the policy has been formally promulgated.
"If the preparatory work is in place, I think July should be the most appropriate deadline for issuing support policies." Wang Qianjin told reporters that according to the usual practice, if the government promulgated relevant policies, it would choose to publish it on the node date. At the same time, the economic data indicators in the industry in the first half of this year were also recorded in July, which is more suitable for policy release on this basis.
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