The Ministry of Finance and State Taxation Administration made an announcement that from August 1, 2008, the export rebate rate of part of fabrics and costumes would be raised from 11% to 13%, and the export rebate rate of part of bamboo works 11%. Meanwhile, the export rebate rate of part of high-energy, high-pollution resource products would be canceled.
Fabrics and costumes of which the export rebate rate will be raised to 13% mainly include silks, yarns and woven fabrics, cotton yarns, woven fabrics of cotton, filaments, chemical fibers and acrylic staple fibers as well as other fabric products, and high-energy, high-pollution resource products, whose export rebate rate will be cancelled, consist of Korean pine nuts, part of agricultural chemicals and organic arsine products, paclitaxel and its products, colophony, silver, zinc zero, part of paint and battery products as well as metacabon anode.
Analysts thought, from the beginning of this year, with such factors as the declining demand of international markets, the rising price of domestic raw materials, the speeding up of Renminbi appreciation and the increase of labor force cost overlapping, cost of export business increased. The export rebate rate rise of fabrics and costumes contributes to lessening the pressure of step-down export fabric industry faces, ease the situation of capital shortage caused by tight monetary policy to part of enterprises and support the sound development of small and medium-sized enterprises.
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