China is getting ready to increase financial support for exporters by gradually reducing export related taxes to zero.
The decision to remove the tax burden on exporters was announced by the country's Commerce Minister, Chen Deming, who is keen to insulate against a drop in demand for Chinese products.
Figures for January show that exports dropped by almost 18%. Value added tax rebates on certain products were implemented recently, as a first step to supporting exports.
Speaking of the decision, the Minister commented:
“We should have ample confidence, seize opportunities to advance and lift our share of the international market. Strive by all means to maintain stable export growth and prevent a dramatic fall in external demand.”
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