Op-Ed Commentary: Chris Devonshire-Ellis
Oct. 12 – One of the hidden treasures of Xinjiang is Shihezi. Actually the region’s second largest city after Urumqi, this has long been a farming community and is often regarded with typical Chinese aplomb as “A Shining Pearl in the Gobi Desert.” Continue reading
Sept. 29 – China’s Ministry of Commerce (MOFCOM) released its 2010 Rankings of National Economic and Technological Zones on September 21. At present, China has 128 national-level development zones, 90 of which were included in the 2010 MOFCOM rankings.
According to the rankings, the top 10 development zones remained unchanged from 2009. Most notably, TEDA has been ranked the best national development zone in China for the 14th consecutive year. Continue reading
Oct. 13 – Beginning today, the Ministry of Commerce will be imposing an anti-dumping tax on certain imported polyamide-6,6 chips coming from the United States, Italy, Britain, Taiwan and France.
Polyamide-6,6 chips is imported to China for manufacturing plastics and textiles. Xinhua reports that the anti-dumping tax will be applicable for five years with a maximum tax rate of 37.5 percent.
Mar. 30 – Beginning April 1, tax rebate rates on selected textile, iron and steel, nonferrous metal, petrochemical, electronic information and light industrial exports will be raised.
The amount of the tax rebate rate is still unavailable; pending confirmation from the State Council. The move should help make the economic stimulus plan more effective while also supporting plans for ten industries.
Since last August, the export tax rebate rate for textiles has been changed four times; the latest one was in February when it went from 14 to 15 percent.
Feb. 5 – China will increase the tax rebate rate for textile and garment exports to 15 percent from the previous from 14 percent in an effort to support the textile industry and help exporters reduce costs.
The State Council did not specify when the new tax rebate rate will be applied. This is the third time since last August that export tax rebate rate were raised.
The government has also decided that it would provide funding technology upgrades for companies producing textiles or fibers, or operating in the textile printing and dyeing sector.
The central government has instructed local departments to provide financial support and insurance services to small and medium-sized textile plants.
Dec. 19 – The Ministry of Finance said it would decrease import tariff rates on selected products and increase export tariffs for high energy-consuming and pollution-producing sectors by next year.
The new rates should help China lower its trade surplus and help domestic companies decreased costs. The reduced import tariff rates affect more than 670 items including energy-related products such as coal, fuel oil, and stone materials, raw materials, hi-tech products, machinery parts and household appliances.
Nov. 21 – China has approved new tax cuts and rebates for the textile industry as part of government measures to support slowing exports.
Export tax rebates on textile products will be increased to 17 percent. The 21st Century Business Herald reported that the proposal to increase tax rebates was approved during the State Council’s latest executive meeting.
According to Customs figures, during the months of January to October, the country’s textile and garment exports came in at US$153.71 billion, up 8.6 percent compared to last year’s figures.
Oct. 22 – China’s Ministry of Finance said tax rebates on selected export products will be raised beginning November 1; to ease pressure on businesses affected by slowing export demand.
This is the second time in three months that China has increased tax rebates for the export industry. Last August 1, tax rebates were increased by 2 percentage points to 13 percent.
The new tax rebate rates will range from between 9 percent and 13 percent and cover 3,486 types of products, or an estimated one-quarter of all exports listed by customs authorities.
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