Tariffs in the textile industry and steel industry will be adjusted next year to promote foreign trade growth

The financial crisis has deepened its impact on my country’s foreign trade, triggering the introduction of promotional policies one after another. The Ministry of Finance issued a notice yesterday stating that my country’s import and export tariffs will be further adjusted starting from January 1, 2009.

Tariff adjustment eases industry difficulties

The Ministry of Finance revealed that it will ease the operating difficulties faced by textile, steel, fertilizer and other industries through tariff adjustments next year.

In terms of imports, in 2009, the import tariffs on some productive raw materials with large domestic demand will be appropriately reduced through lower tentative tax rates. If the import of advanced technology, equipment, and key components is further expanded, lower tentative import tax rates will be implemented for more than 670 commodities next year, mainly including coal, fuel oil, stone and other resource and energy products, advanced industrial and agricultural equipment, and public goods. Hygiene-related products and some household items, etc.

Zhang Bin, deputy director of the Taxation Research Office of the Institute of Finance and Trade Economics, Chinese Academy of Social Sciences, said that lowering tariffs can also reduce the cost of imported raw materials and reduce the cost pressure on my country’s manufacturing companies.

In terms of exports, the Ministry of Finance stated that it will continue to implement the policy of canceling export tariffs on some steel products, adjusting seasonal export tariffs on fertilizers such as urea, and at the same time reducing the special export tariff rates on some fertilizers and their raw materials.

Since the outbreak of the financial crisis, China’s raw material industry has become one of the areas that has been hardest hit. Steel, nonferrous metals, and petrochemical companies have been particularly severely affected. It is understood that Jiangsu, the country’s major steel export province, has continued to see a sharp decline in steel exports since September this year.

An Tifu, a professor at the Department of Finance at Renmin University of China and vice president of the China Taxation Society, said yesterday that export tax rebates and tariffs are two types of taxes that have a great impact on foreign trade, and there is still room for continued adjustment. Solving the current problems in the capital goods industry can continue to be achieved by eliminating export tariffs.

　To promote the stable growth of foreign trade

The relevant person in charge of the Ministry of Finance said in response to a reporter’s question yesterday afternoon that the purpose of next year’s tariff adjustment is to promote the stable growth and structural optimization of import and export trade, implement proactive fiscal policies, give full play to the macro-control role of tariffs, and promote economic stability. Rapid development.

The decline in external demand caused by the financial crisis has gradually deepened its impact on China’s foreign trade. New data released by the General Administration of Customs showed that my country’s total import and export volume in November was US$189.89 billion, a year-on-year decrease of 9%; of which exports fell by 2.2%; imports fell by 17.9%. This is the first time since June 2001 that my country’s foreign trade import and export has experienced negative growth in a single month.

Some export companies said yesterday that in the first half of next year, life for foreign trade companies may be even more difficult, and the number of orders currently received has dropped significantly.

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