SteelOrbis Shanghai
China's Ministry of Finance and the State Administration of Taxation announced that China will increase the export tax rebates for some high-tech and high value-added mechanical and electrical products as of January 1, 2009, the country's fourth rebate hike on exported products this year.
The rebate hikes will involve 553 types of products. For instance, export tax rebates for inertial navigation systems for aviation use and industrial robots will be up from 13 percent and 14 percent to 17 percent; while the rebates for motorcycles and sewing machines will be raised from 11 percent and 13 percent to 14 percent.
According to the statement of the MOF, this move is one of several fiscal measures to counter the global economic downturn, which will help ease the suffering of Chinese exporters and boost the confidence in fighting the financial crisis.
In addition, for the purpose of stimulating the steel exports and alleviating losses suffered by Chinese mills, the country's relevant departments are now working on the measure that will abolish the export license management on steel products applied in May 20, 2007.