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Chinese govt plans export tax rebate slash?


(Xinhua, Jul 24, 2006)BEIJING, July 24 -- China will reduce tax rebates on exports of resource-intensive and environmentally-harmful products, officials say.
An as-yet unreleased policy is scheduled to take effect around September or October, despite strong protests from domestic companies and traders, according to Caijing magazine.

The move reflects the government's drive to shift the nation away from low-value-added exports.

"The government wants to see a trade balance. We're not deliberately seeking rising surpluses," said Ministry of Commerce spokesman Chong Quan.

Introduced in 1985, tax rebates for exports have made Chinese products more competitive on the international market.

But it is now expected rebates will be cut by an average of two per cent for products such as textiles, iron and steel. Only high-tech industries will avoid the cuts their rebate is being increased.

http://www.zoomchina.com.cn/index.php?/c...

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