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China raises export rebate to spur growth
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09:19, March 28, 2009

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China raised the export rebate on3,800 items to maintain growth, the Ministry of Finance and the State Administration of Taxation (SAT) said Friday.

It was the sixth increase since last August when the government decided to raise refunds in an attempt to tackle slumping exports amid the global financial crisis.

The export rebate for the textile and garment, iron and steel, non-ferrous metal and petrochemical items will be effective April 1, according to the departments.

The tax rebate for textile and garment items would be 16 percent.

A special item, CRT televisions, would have a 17 percent of tax refund.

"It was an extraordinary measure taken under extraordinary conditions," said Zhao Yumin, a researcher with the Ministry of Commerce.

He said slumping exports presented the Chinese government with unprecedented challenges. The refund increase underscored the government's resolution to maintain economic growth and secure employment.

China's exports plummeted 25.7 percent year-on-year in February, the worst decline in more than a decade, as global demand deteriorated amid the deepening recession.

Although previous data showed some signs of economic recovery, the economic outlook remained uncertain as profits of China's major industrial enterprises contracted 37.3 percent year-on-year during the first two months of 2009, the National Bureau of Statistics (NBS) said Friday.

Bai Jingming, economist with the Ministry of Finance said more refunds meant enterprises could retain more cash in hand and they could use that money to restructure their business and improve production technology.

The SAT said last week that the actual export tax rebate in the first two months increased 20.8 percent year-on-year to 66.7 billion yuan (9.77 billion U.S. dollars).

Experts said nearly all Chinese exports had a 17 percent export rebate during the Asian financial crisis. Compared to that, China still has room for further rebate increases.

Source: Xinhua

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