China’s Ministry of Commerce has announced that it is to maintain export tax rebates into 2010, in the light of continuing trading challenges due to the economic crisis.
Exports from China fell by 1.2% in November. Warning against “blind optimism,” the Ministry revealed that it believes that continued intervention is necessary to aid economic recovery. Government figures show that imports, meanwhile, had increased by 26.7%.
Since the start of the economic crisis, China has raised export tax rebates seven times, eliminated export tariffs on a number of goods, and provided USD84m in short-term export credit insurance.
China has also announced that it is to work towards increasing imports, particularly high-tech goods and sources that are scarce in China.
Furthermore, Commerce Minister Chen Deming has announced that the Ministry will, in 2010, aim to open new markets for foreign trade and increase domestic consumption, including increased subsidies for car scrappage schemes, establishing an e-payment system for rural communities, offering further financial aid to businesses (particularly small and medium-sized enterprises), and encouraging the development of e-business ventures.
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