Analysis: Why Did The State Adjust The Export Rebate Rate Of Some Textiles?

The Ministry of Finance and the State Administration of Taxation announced that the export rebate rate of some textiles, clothing and other commodities should be adjusted from August 1, 2008.

The export rebate rate of some textiles and clothing increased from 11% to 13%, and the export tax rebate rate of some bamboo products increased to 11%.

Analysts believe that this year, the international market demand weakened, domestic raw material prices, RMB appreciation accelerated labor costs rise and other factors superimposed, export business costs increased.

The export rebate rate of textiles and clothing will help reduce the pressure of export slowdown, alleviate the shortage of funds caused by tight monetary policy to some enterprises, and support the healthy development of SMEs.

Bai Jingming, deputy director of the Financial Science Research Institute of the Ministry of finance, believes that raising the export tax rebate rate of textiles can relieve the pressure of enterprises and stimulate exports.

China's economy depends heavily on imports. Only by ensuring the export scale and the growth of foreign exchange reserves can we maintain the scale of imports on the basis of maintaining the scale of trade surplus, so as to ensure the normal operation of the economy.

According to the first half of the year, China's foreign trade is showing a trend of slower export growth and faster growth in imports.

According to statistics, in the first half of this year, China exported 666 billion 600 million US dollars, an increase of 21.9%, down 5.7 percentage points from the same period last year, and imports 567 billion 600 million US dollars, an increase of 30.6%, an increase of 12.3 percentage points.

The trade surplus was 99 billion US dollars, a decrease of 13 billion 200 million US dollars compared with the same period last year, a decrease of 11.8%.

The data released by the development and Reform Commission showed that the export value of the textile industry in the first half of this year was 365 billion yuan, an increase of 8.5%, a drop of 7.5 percentage points.

"This shows that the government has flexibly adjusted its policies to cope with the changes in the environment at home and abroad."

Zhuang Jian, chief economist of the Asian Development Bank, said that due to various unfavorable factors, some export enterprises in the eastern coastal areas of China are facing difficulties in production and operation, and some even fail.

Therefore, the state gives support to foreign trade policies to help competitive enterprises survive the difficulties of survival.

Although the state will still strongly support the development of small and medium-sized enterprises, Zhuang Jian said that in the long run, enterprises still need to improve their production efficiency, upgrade their product structure and other measures to deal with the grim survival situation at home and abroad, and seek survival and development.

At the same time, the export tax rebate has not been raised in an all-round way. With the increase of the export tax rebate rate of some textiles and garments, the export tax rebates for Korean pine kernel, some pesticide products, some organic arsine products, paclitaxel and its products, rosin, silver, zinc zero, some coating products, some battery products and carbon anode have been cancelled.

This adjustment reflects that under the background of declining export growth, it does not blindly protect exports, but insists on the principle of "maintaining pressure".

Targeted support for industries that are still competitive, while restrictions on "two high and one capital" products and industries are still limited.

"This fully reflects the important role of fiscal policy in adjusting the economic structure."

Bai Jingming said.