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China To Improve Export Tax Rebates

by Mary Swire,, Hong Kong

19 May 2014

In a statement on its website on May 15, China's State Council announced a package of enhancements to bolster its flagging foreign trade sector, including improvements to the country's export tax rebate system.

With total imports and exports stagnating so far this year, despite total trade having been budgeted to rise by an overall rate of some 7.5 percent over the whole of 2014, the State Council, in its statement, expanded on a number of policies "to support the stable growth of foreign trade" in a sector which has a key role in the Chinese economy, particularly in the provision of employment.

The package included such measures as promoting the use of the renminbi and currency hedges for cross-border trade, providing export credit insurance, and encouraging Chinese companies to import advanced technology and to invest abroad to improve their global competitiveness, as well as accelerating export tax rebates "to ensure full and timely refunds."

Within a move to expand the export of services, there will also, for example, be an expansion of the pilot scheme to allow financial leasing companies to enjoy export tax refunds on goods leased to foreign lessees.

In addition, the State Council called on the Ministry of Commerce to speed up the implementation of China's expansive free trade agreement strategy, and to support Chinese companies "actively" in their efforts to counteract anti-dumping and anti-subsidy trade disputes and to instigate its own such investigations whenever thought necessary.

TAGS: tax | business | export duty | financial services | budget | anti-dumping | China | trade disputes | import duty | currency | trade | services

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