China to Raise Tax Rebates on Exports of Some Machinery Products-Pacific Bearings

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Bearings Industrial News >>China to Raise Tax Rebates on Exports of Some Machinery Products

China to Raise Tax Rebates on Exports of Some Machinery Products

China will raise export rebates on a number of high-technology and high value-added machinery and electronic products, according to a statement issued after a meeting of the country's cabinet, the State Council.

The statement, published on the government's official www.gov.cn website, did not reveal the size or timing of the rebates, but it said that China would continue to adopt measures that would 'alleviate the pain of exporting enterprises' and 'maintain steady export growth.'

China will also remove foreign trade restrictions on a number of high-tech products, including those related to energy conservation and environmental protection.

It said it would also boost imports of 'products in demand in China', including 'advanced technology, key equipment and components and important energy raw materials.'

China's manufacturers, which are particularly dependent on overseas sales, have been hit hard by the global economic slowdown.

Exports in November fell 2.2 pct from a year earlier, the largest drop since April 1999. Imports also dropped 17.9 pct.

In a bid to shore up the export trade, China has already raised value-added tax rebates three times this year for textiles, apparel and other labor-intensive products.

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