CHINA CUTS TAX REBATES TO REIN IN ITS EXPORTS
China has cut and in some cases abolished export tax rebates for some of its largest export categories in the latest attempt by Beijing to rein in its bulging trade surplus and ease trade friction with the US and Europe.The new measures announced yesterday appeared to be the most sweeping changes announced so far to the tax rebate system, which has already been trimmed for a number of products over the past year.
The rebate, which can be as high as 17.5 per cent, the level of China's value-added tax, has been abolished for some leather products, fertiliser and some wood exports.
The finance ministry said the cuts were aimed at energy- intensive industries.
“The aim is to curb excessive growth of exports, rationalise export structure, ease trade friction and slow down sales of products that consume a lot of energy,” the ministry said.
The current account surplus is on track to reach about $400bn this year, more than 10 per cent of gross domestic product.
Mark Williams of Capital Economics said in a research note that the changes would have “little immediate impact” on the surplus.
“Chinese producers are continuing to enjoy bumper profit growth, which suggests they can absorb higher costs into their margins,” he said. “And in sectors where Chinese producers do not face much foreign competition, higher prices may simply be passed on to consumers.”
A spokesman for Peter Mandelson, the European Union trade commissioner, said he welcomed steps “to address the imbalance in the EU's trade with China”.
Mr Mandelson attacked the growing trade deficit – set to hit �70bn ($228bn) this year – as artificial in a meeting with Bo Xilai, Chinese commerce minister, when they met last week.
Mr Bo denied trade was unbalanced but the two sides have agreed to discuss it at a summit in November.
US industry groups also welcomed the Chinese move. Calman Cohen, head of the Coalition for American Trade, said: “This is a step in the right direction to correct unfair trading practices. We are seeing slow but steady movement by China to abide by the international trading rules, which say export subsidies and tax incentives for exports are to be eliminated.”
Beijing, meanwhile, continues to complain about US restrictions on high-technology exports to China.
The US on Monday introduced new regulations that will tighten the sales of some goods overseas, including some aircraft and engines, and space communications systems.
“It is inappropriate for the US side to introduce the new rules without fully listening to the Chinese side, and it is against the sprit of co-operation,” said Yao Shenhong, a spokesman for China's Commerce Ministry.
中国降低了出口量最大的一些产品类别的出口退税率，其中有些产品甚至取消了出口退税。这是中国政府为控制迅速扩大的贸易顺差、减少与美欧贸易摩擦进行的最新努力。
昨日公布的新措施，似乎是迄今为止已经宣布的对出口退税制度的最大变动。去年，中国已经调整过针对很多产品的出口退税制度。
这次调整取消了一些皮革制品、化肥和某些木制品的出口退税。有的产品的出口退税率高达17.5%，相当于中国增值税的水平。
财政部表示，这次调整针对的是能源敏感行业。
财政部指出，这次调整的主要目的，是为了进一步抑制外贸出口的过快增长，优化出口商品结构，减少贸易摩擦，抑制“高耗能”产品的出口。
中国今年的经常账户盈余有可能达到4000亿美元左右，占国内生产总值10%以上。
资本经济公司(Capital Economics)的马克•威廉姆斯(Mark Williams)在研究报告中指出，这次调整对中国的顺差“不会有立竿见影的影响”。
“中国生产商将继续享受缓冲利润增长，也就是说，它们的利润空间可以消化更高的成本，”他表示。“在那些中国生产商没有遇到太多外国竞争的领域，更高的价格只会转嫁给消费者。”
欧盟(EU)贸易专员彼得•曼德尔森(Peter Mandelson)的发言人指出，欢迎中国采取措施“解决欧盟对华贸易失衡问题”。
上周与中国商务部长薄熙来会面时，曼德尔森批评说，不断增长的贸易逆差是人为造成的。今年，欧盟对华贸易逆差将达到1700亿欧元（2280亿美元）。
薄熙来否认中欧贸易失衡，但双方同意在11月召开的峰会上讨论这个问题。
美国工业集团也欢迎中国的这项举措。美国贸易联合会(Coalition for American Trade)负责人卡尔曼•科恩(Calman Cohen)表示：“这是中国朝着纠正不公平贸易行为的正确方向迈出的一步。我们看到中国正在采取缓慢但坚定的行动，来遵守国际贸易规则——这些规则规定，应该取消出口补贴和对出口产品的税收激励。”
与此同时，中国政府继续抱怨美国限制对华高科技出口。
美国政府本周一宣布新的规定，收紧某些产品的出口控制，包括某些飞机和引擎，以及空间通讯系统。
中国商务部发言人姚申洪表示：“美方在未充分听取中方意见的情况下执意公布新规定是不合适的，有悖双方合作精神。”
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