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| China to adjust export tax rebate mechanism |
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| www.chinaview.cn
2006-07-23 09:15:36
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BEIJING, July 23 (Xinhua) -- China will reduce tax
rebates on exports of high energy-consuming, resource-intensive and
environmentally-harmful products, Chinese officials say.
The as-yet unreleased policy is scheduled to take
effect around September or October despite strong protests from domestic
companies and traders, according to China's Caijing magazine.
The move reflects the Chinese government's efforts to
shift emphasis away from low-value-added exports. "The Chinese government wants
to see a trade balance. We don't deliberately seek a rising surplus," says Chong
Quan, spokesman of China's Ministry of Commerce.
Introduced in 1985, the tax rebates for exporters
have made Chinese products more competitive on the international market.
It is now expected that China will cut tax rebates by
an average of two percent for sectors such as textiles, metallurgy, iron and
steel. Only high-tech industries avoid the knife – their rebate is being
increased.
"Export rebates for high energy-consuming, high-polluting and resource-intensive products should be stopped," says Fu Ziying, assistant to the Minister of Commerce. [1] [2] [3] [4]
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