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China moves as crisis hits home
China will raise tax rebates for 3,486 items from labor intensive industries such as textile, garment, toy, hi-tech and high added value sectors to help its weakening exporting enterprises. By increasing the tax rebates, the Ministry of Finance (MOF) hopes that it will ease operation pressure for export industry and enhance their competitiveness.
The export tax rebate for some toys, textiles and garments will be raised to 14 percent. There will be a nine percent rebate for certain plastic products, 11 percent for daily necessities and porcelain artifacts, 11 and 13 percent for some furniture, according to China.org.cn.
Some economists say exports may continue to shrink in the rest of the year, with the most pessimistic forecast being negative growth in 2009 as a result of economic downturn caused by the global credit crisis. China’s GDP growth declined to 9 percent year-on-year in the third quarter, the slowest pace over the past five years.
China Exporters
Photo courtesy of www.frj-trans.com/En/
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