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BIZCHINA / Impacts
China exporters rush to beat rebate cuts
(Reuters)
Updated: 2007-06-27 10:06
Chinese exporters are scrambling to beat the introduction of cuts in
export tax rebates, suggesting the potential for a bumper trade surplus
for June.
To help reduce the surplus, the government said last week it would slash
the refund of value added tax on about 37 percent of its export
categories on July 1. Rebates will be scrapped on 553 products and cut by
5-13 percentage points on another 2,268 lines, including steel, toys,
plastic and rubber products and apparel.
Freight forwarders and trading companies said the announcement, and
expectations of further rule changes to deter exports, had spurred
manufacturers to bring forward shipments. Shipping charges on some lines
were soaring, they said.
Li Wentao, a manager at BCOF International Trading Co. Ltd., aBeijingfirm
that trades in manufactured products, said his company was trying to get
as many goods as possible through customs before the new rates took
effect.
"There just aren't enough ships," said Li.
Zhang Yunfei, a manager at Ningbo Haitian International Trade and
Forwarder Co. Ltd., added: "Exporters are trying like mad to make
shipments because of the export rebate policy."
Zhang, whose company mainly serves exporters in the Yangtze River Delta,
said shipping charges between China and the Middle East had tripled in
the past six months to 2,800 yuan ($370) per standard twenty foot
equivalent (TEU) container.
The potential for tax changes to skew China's trade data was underlined
in February. Exports leaped 51.7 percent from a year earlier as firms,
expecting rebate cuts, brought shipments forward.
The surplus for the month reached $23.8 billion, confounding
expectations, only to fall back to $6.9 billion in March.
(For more biz stories, please visit Industry Updates)
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