According to the published adjustment list, the large-scale adjustment of chemical product export tax rebates bears the brunt: 380 chemical products have completely canceled the export tax rebate, and most of the 170 chemical product export tax rebate rates have been reduced to 5%.
Two major factors to adjust for incentives on June 18, the Ministry of Finance announced the export tax rebate of 2831 items or cancellation or reduction, which is the most extensive adjustment of the export tax rebate policy in recent years, the greatest effort. The person in charge of the Ministry of Finance explained that the "excessive foreign trade surplus" and the "high energy consumption, high pollution, resourceful" products are the direct cause of this major adjustment.
According to customs statistics, from January to May 2007, China’s total import and export volume was 801.3 billion U.S. dollars, a year-on-year increase of 23.7%. Among them, the total export value was US$443.5 billion, an increase of 27.8% year-on-year, and the total import amount was US$357.8 billion, up 19.1% year-on-year. The export growth rate was higher than the import growth rate by 8.7 percentage points, and the cumulative surplus was US$85.7 billion, an increase of 83.1% year-on-year.
Excessive growth in the trade surplus not only exacerbates trade frictions but also increases the pressure for RMB appreciation. In order to promote the balanced development of foreign trade, the government needs to use a variety of policy tools, introduce a package of policy measures, and continue to strengthen and improve macro-control. The adjustment of the export tax rebate policy, as an important part of the package of policy measures, aims to further curb the excessive growth of foreign trade exports and ease the outstanding contradictions brought about by the excessive foreign trade surplus in China. In addition, optimizing the structure of export commodities, suppressing the export of products with “high energy consumption, high pollution, and resourceâ€, promoting the transformation of the growth mode of foreign trade, and reducing trade friction are also direct factors for the introduction of policies.
No obvious negative impact on foreign trade The Ministry of Finance officials said that this policy adjustment will not have a significant negative impact on China’s foreign trade. After the policy adjustment, the export tax rebate rate structure was adjusted from the original 17%, 13%, 11%, 8% and 5% to 17%, 13%, 11%, 9% and 5%. The cancellation and reduction of export tax rebates for some commodities will increase the cost of related export commodities in China, which will have a certain inhibitory effect on the excessive growth of foreign trade exports. Since the policy of “preserving pressure†was adopted during the policy design, a clear signal of the adjustment of the country’s industrial structure and export commodity structure was released, which will help guide enterprises to reduce the “high energy consumption, high pollution, and resource†products. Exports will reduce exports of low-value-added and low-tech products, increase exports of high-value-added and high-tech products, and guide enterprises to adjust investment directions and avoid blind investment and overcapacity. In the long run, it will help promote the transformation of China’s economic growth mode and sustainable economic and social development, in line with the long-term interests of the country and the people. Therefore, the government believes that the adjustment of the export tax rebate policy is moderate, and the emphasis is on structural adjustment and will not have a clear negative impact on normal foreign trade exports.
However, relevant experts believe that there is no doubt that the large-scale adjustment of export tax rebates involving major sectors and industries will have a major impact on China’s exports. Although export companies can partially offset the impact of export tax rebate rate adjustment by increasing product prices, the increase in export product prices will result in a decline in the international competitiveness of enterprises, which will ultimately affect exports; on the other hand, the policy will be implemented in the short term. It will have a greater impact on low-end industries where profit margins are already low, and on SMEs that rely on exports.
More than 380 kinds of chemical products to cancel the export tax rebate According to the announced adjustment directory, chemical products export tax rebate of the largest area of ​​adjustment bear the brunt. More than 380 kinds of chemical products have completely eliminated the export tax rebate, accounting for more than 55% of the total number of commodities that cancel the export tax rebate; and the other part of the export tax rebate rate of 170 chemical products has been reduced to 5%, accounting for the reduction of all types of export tax rebates. 16.5%.
The chemical products involved include elemental chemicals (chlorofluoro bromide iodine, hydrogen argon nitrogen nitrous oxide), traditional organic products (benzene products, C9-C13 n-alkanes, liquefied olefins such as ethylene/propylene), inorganic products (sulfuric acid , boric acid, a variety of inorganic salts, as well as dyes, fertilizers and Other Products. Among them, the most affected are inorganic products, and more than 200 inorganic products with tariff lines have eliminated export tax rebates, including inorganic salt products such as barium salts, barium salts, phosphates, caustic soda, soda ash, sodium carbonate, and magnesium sulfate. The cancellation will have a major impact on the inorganic chemicals industry.
In recent years, with the rapid development of China's inorganic salt industry, the export of products has increased rapidly. There are more than 200 kinds of inorganic salt products exported every year, exceeding 10 million tons, accounting for about 1/4 of the industry's production volume. From 2000 to 2005 The average annual growth rate of its export volume and export volume reached 12.0% and 21.6% respectively. According to industry analysts, the cancellation of export tax rebates will definitely affect the export volume of inorganic salt products, and may show a more obvious trend of reduction. Since nearly all inorganic salts in China are in a state in which production exceeds sales and oversupply, the reduction in export volume will undoubtedly lead to more intense domestic competition.
Similar to the inorganic salt industry, pesticides, dyes, and pigments are industries with a relatively large export share. In this adjustment, companies are also under tremendous pressure. For example, the export tax rebate for iron oxide products has been completely cancelled from the original 13%, making more than 50% of the iron oxide companies that rely on the international market suffer a major blow. It is certain that many export-oriented chemical companies that are in a state of low profit will face new choices in this major adjustment.
The major adjustment of the government's export tax rebate rate is a clear signal issued by the state on industrial policies and will have an important impact on China's medium and long-term industrial restructuring. At present, most of China's export products are at the low end of the industrial chain, while exports of pollution- and resource-based products have grown too fast. Therefore, enterprises should further optimize the industrial structure, promote the transformation of foreign trade growth mode, and promote the balanced development of import and export trade. At present, the most important thing is for exporters to prepare early and evade the losses caused by the cancellation or reduction of export tax rebates: First, make preparations for prices, find out the market conditions in the international market, and avoid the situation in the past that occupied the market at a low price. The price increase will not only increase the grade of China's export products, but also offset the impact of the reduction in tax rebate rates. The second is to prepare for export strategies, including the negotiation method with customers, the choice of product sales sites, and the length and shortness of order contracts. Term and other aspects; third is to speed up the development of new products, create their own brand and brand name, in order to expand the scale of exports, increase the international market share.
Two major factors to adjust for incentives on June 18, the Ministry of Finance announced the export tax rebate of 2831 items or cancellation or reduction, which is the most extensive adjustment of the export tax rebate policy in recent years, the greatest effort. The person in charge of the Ministry of Finance explained that the "excessive foreign trade surplus" and the "high energy consumption, high pollution, resourceful" products are the direct cause of this major adjustment.
According to customs statistics, from January to May 2007, China’s total import and export volume was 801.3 billion U.S. dollars, a year-on-year increase of 23.7%. Among them, the total export value was US$443.5 billion, an increase of 27.8% year-on-year, and the total import amount was US$357.8 billion, up 19.1% year-on-year. The export growth rate was higher than the import growth rate by 8.7 percentage points, and the cumulative surplus was US$85.7 billion, an increase of 83.1% year-on-year.
Excessive growth in the trade surplus not only exacerbates trade frictions but also increases the pressure for RMB appreciation. In order to promote the balanced development of foreign trade, the government needs to use a variety of policy tools, introduce a package of policy measures, and continue to strengthen and improve macro-control. The adjustment of the export tax rebate policy, as an important part of the package of policy measures, aims to further curb the excessive growth of foreign trade exports and ease the outstanding contradictions brought about by the excessive foreign trade surplus in China. In addition, optimizing the structure of export commodities, suppressing the export of products with “high energy consumption, high pollution, and resourceâ€, promoting the transformation of the growth mode of foreign trade, and reducing trade friction are also direct factors for the introduction of policies.
No obvious negative impact on foreign trade The Ministry of Finance officials said that this policy adjustment will not have a significant negative impact on China’s foreign trade. After the policy adjustment, the export tax rebate rate structure was adjusted from the original 17%, 13%, 11%, 8% and 5% to 17%, 13%, 11%, 9% and 5%. The cancellation and reduction of export tax rebates for some commodities will increase the cost of related export commodities in China, which will have a certain inhibitory effect on the excessive growth of foreign trade exports. Since the policy of “preserving pressure†was adopted during the policy design, a clear signal of the adjustment of the country’s industrial structure and export commodity structure was released, which will help guide enterprises to reduce the “high energy consumption, high pollution, and resource†products. Exports will reduce exports of low-value-added and low-tech products, increase exports of high-value-added and high-tech products, and guide enterprises to adjust investment directions and avoid blind investment and overcapacity. In the long run, it will help promote the transformation of China’s economic growth mode and sustainable economic and social development, in line with the long-term interests of the country and the people. Therefore, the government believes that the adjustment of the export tax rebate policy is moderate, and the emphasis is on structural adjustment and will not have a clear negative impact on normal foreign trade exports.
However, relevant experts believe that there is no doubt that the large-scale adjustment of export tax rebates involving major sectors and industries will have a major impact on China’s exports. Although export companies can partially offset the impact of export tax rebate rate adjustment by increasing product prices, the increase in export product prices will result in a decline in the international competitiveness of enterprises, which will ultimately affect exports; on the other hand, the policy will be implemented in the short term. It will have a greater impact on low-end industries where profit margins are already low, and on SMEs that rely on exports.
More than 380 kinds of chemical products to cancel the export tax rebate According to the announced adjustment directory, chemical products export tax rebate of the largest area of ​​adjustment bear the brunt. More than 380 kinds of chemical products have completely eliminated the export tax rebate, accounting for more than 55% of the total number of commodities that cancel the export tax rebate; and the other part of the export tax rebate rate of 170 chemical products has been reduced to 5%, accounting for the reduction of all types of export tax rebates. 16.5%.
The chemical products involved include elemental chemicals (chlorofluoro bromide iodine, hydrogen argon nitrogen nitrous oxide), traditional organic products (benzene products, C9-C13 n-alkanes, liquefied olefins such as ethylene/propylene), inorganic products (sulfuric acid , boric acid, a variety of inorganic salts, as well as dyes, fertilizers and Other Products. Among them, the most affected are inorganic products, and more than 200 inorganic products with tariff lines have eliminated export tax rebates, including inorganic salt products such as barium salts, barium salts, phosphates, caustic soda, soda ash, sodium carbonate, and magnesium sulfate. The cancellation will have a major impact on the inorganic chemicals industry.
In recent years, with the rapid development of China's inorganic salt industry, the export of products has increased rapidly. There are more than 200 kinds of inorganic salt products exported every year, exceeding 10 million tons, accounting for about 1/4 of the industry's production volume. From 2000 to 2005 The average annual growth rate of its export volume and export volume reached 12.0% and 21.6% respectively. According to industry analysts, the cancellation of export tax rebates will definitely affect the export volume of inorganic salt products, and may show a more obvious trend of reduction. Since nearly all inorganic salts in China are in a state in which production exceeds sales and oversupply, the reduction in export volume will undoubtedly lead to more intense domestic competition.
Similar to the inorganic salt industry, pesticides, dyes, and pigments are industries with a relatively large export share. In this adjustment, companies are also under tremendous pressure. For example, the export tax rebate for iron oxide products has been completely cancelled from the original 13%, making more than 50% of the iron oxide companies that rely on the international market suffer a major blow. It is certain that many export-oriented chemical companies that are in a state of low profit will face new choices in this major adjustment.
The major adjustment of the government's export tax rebate rate is a clear signal issued by the state on industrial policies and will have an important impact on China's medium and long-term industrial restructuring. At present, most of China's export products are at the low end of the industrial chain, while exports of pollution- and resource-based products have grown too fast. Therefore, enterprises should further optimize the industrial structure, promote the transformation of foreign trade growth mode, and promote the balanced development of import and export trade. At present, the most important thing is for exporters to prepare early and evade the losses caused by the cancellation or reduction of export tax rebates: First, make preparations for prices, find out the market conditions in the international market, and avoid the situation in the past that occupied the market at a low price. The price increase will not only increase the grade of China's export products, but also offset the impact of the reduction in tax rebate rates. The second is to prepare for export strategies, including the negotiation method with customers, the choice of product sales sites, and the length and shortness of order contracts. Term and other aspects; third is to speed up the development of new products, create their own brand and brand name, in order to expand the scale of exports, increase the international market share.
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