BEIJING, May 27 (Xinhua) -- China's State Council announced
Wednesday further support policies, including expanded export credit insurance,
tax breaks and more financial access, to help exporters.
This file photo shows the launch of the
Jan Van Cent, a 12,000-tonnage multi-purposed oceangoing freight ship for
an export order to the Netherlands, is held at the Yichang Shipyard, in
Yichang, central China's Hubei Province, May 9, 2009. (Xinhua
An executive meeting of the State Council, or
Cabinet, also said the country would keep the yuan "basically stable" at a
"reasonable and balanced" level to help exporters avoid exchange risks.
The meeting was presided over by Premier Wen Jiabao.
The government will provide 84 billion U.S. dollars
worth of short-term export credit insurance to trading companies to help
Preferential policies and tax breaks will mainly go
to labor-intensive and high-tech industries to protect world market share.
Smaller companies would get more financing guarantees
from financial institutions, as the government promised to allocate unspecified
extra funding from the central budget.
Shrinking external demand that lead to export
declines would remain "the biggest difficulty" facing the economy, participants
to the meeting agreed.
They also called for coordinated efforts in expanding
domestic demand and stabilizing exports, so as to reduce the impact of global
financial crisis on China's foreign trade to the minimum.
China raised export rebates on some products after
exports shrank on weakening overseas demand since the second half of 2008. For
example, the government raised the tax rebate rate for textiles five times since
August, most recently last month when the rate went from 15 percent to 16
BEIJING, April 16 (Xinhua) -- Faltering exports put a dent in the industries of
steel, machinery, textile and light industry in China as the global demand
contracted because of the deepening financial crisis. Analysts said these
sectors should shift focus on domestic demand.
China's exports, a main driver for its economic growth,
recorded a year-on-year 2.2 percent drop in November. It fell for the first time
in seven years because of the economic downturn. Full story
BEIJING, March 25
(Xinhua) -- China will raise the tax rebate rate on some textile, iron and
steel, nonferrous metal, petrochemical, electronic information and light
industrial exports starting April 1.
The decision was made at an executive meeting of the State
Council, the country's Cabinet, Wednesday.
Participants to the meeting agreed that it was necessary
to raise tax rebates on some export products, so as to fully implement the
country's economic stimulus package and the support plans for ten industries,
details of which were released in the past two months. Full story
April 16 (Xinhua) -- China said Thursday it had taken note of a U.S. report
stating that the Chinese government did not manipulate the exchange rate of the
"We will continue reform of the renminbi exchange rate
mechanism," Foreign Ministry spokeswoman Jiang Yu told a regular press
conference. She was responding to a question concerning the U.S.
statement. Full story
BEIJING, May 22 -- The
Chinese currency, the renminbi, is beginning to play a bigger role globally and
that will push its value up in the long run, experts said.
"China's yuan has appreciated by 20 percent between July
2005 and February 2009. The currency even appreciated slightly against the
dollar when most other emerging markets and other currencies fell sharply
against the greenback during the financial crisis," said Zhai Peng, economist,
Guotai Jun'an Securities. Full story