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China Scraps Export Rebates On Grains,
by Mary Swire, Tax-News.com, Hong Kong
Monday, December 24, 2007
The Chinese government last week abolished existing 13% export tax rebates
on wheat, corn, soybean and their processed flours, in another attempt to counter
rising food prices, and reflecting a good harvest.
Food prices rose by 18.2% in the year to November. The government has been
selling from its reserves of grain products in order to dampen price growth,
and has been a net exporter of such products, although not on a scale to affect
world markets.
World prices for grains have been surging this year, with US wheat futures
rising to more than $10 a bushel for the first time last week. But China is
self-sufficient, and State reserves have increased to record levels despite
Government sales. "The harvest this year plus the rich reserves can fully
meet the demands of the domestic market," said Zeng Liying, vice-president
of the State Grain Administration.
China's non-agricultural export rebates have been under attack by the United
States. In September the World Trade Organisation formed a panel to investigate
complaints that China operates export subsidy programs which provide incentives
for foreign investors in China and their Chinese partners to export to the United
States and other markets.
The United States Trade Representative argues that the subsidies offer significant
benefits and are available for all products made in China, including, for example,
steel, wood, paper, and other manufactured products. The companies targeted
for many of these subsidies, i.e., companies with some foreign participation,
accounted for nearly 60% of China’s exports of manufactured goods in 2005,
according to a WTO report. Other subsidy programs at issue provide incentives
for companies in China to purchase domestic equipment and accessories, instead
of buying from US exporters.
"We are concerned about a series of measures maintained by China that
appear to constitute subsidies prohibited under WTO rules," US trade lawyer
Juan Millan told the WTO's dispute body, according to the Associated Press.
"China offers tax refunds, reductions, and exemptions that appear to be
contingent on a firm's use of domestic over imported products or on a firm's
export performance."
The Office of the US Trade Representative says that by subsidizing Chinese
exports to the United States and denying US exporters a fair opportunity to
compete in China, these subsidy programs unfairly impact US manufacturers and
their workers. "Elimination of the subsidies will help level the playing
field for US-based manufacturers and, in particular, for America’s small
and medium-sized businesses across a range of industries," the USTR has
stated.
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