Judging from the leading products of listed companies, the agricultural machinery, container and semi-trailer industries benefited from the obvious tax rebate. When the electromechanical profit rose in 2008, in order to help export enterprises resist the economic crisis, the state once again adjusted the export tax rebate for some products. .
This is China’s fourth export tax rebate adjustment this year, and 2008 has also become the most frequent year for China’s trade policy adjustment.
For the four adjustments of export tax rebates, some insiders pointed out that it is definitely a good news for export enterprises, but adjusting export tax rebates is only one aspect of stimulating foreign trade. The government should start from many aspects and actively cultivate a platform for financing guarantees for SMEs. Enterprises in the direction of development have more public information support, and build a platform for enterprises to "catch the winter." Under the premise of the appreciation of the RMB against the US dollar, the adjustment of China's export industry structure and the gradual reduction of the foreign trade surplus are long-term strategies.
Looking at the four adjustments this year, it is also "don't have a taste in my heart."
The first adjustment was on August 1, 2008, which increased the export tax rebate for some textiles and garments from 11% to 13%; the export tax rebate rate for bamboo products and other commodities increased from 0% or 5% to 11%; some pesticides, Export tax rebates for "two high and one capital" commodities such as silver and batteries were cancelled.
This adjustment has made some export companies applaud. Some analysts pointed out that for every one percentage point increase in the export tax rebate rate, it is equivalent to directly increasing 1% of the total export value of enterprises to corporate profits. For export-oriented enterprises, the increase in export tax rebate rate is direct and rapid. of.
What delights exporting companies is that after three months, the Ministry of Finance and the State Administration of Taxation have once again decided to adjust the export tax rebate rate for some textiles and garments from 13% to 14%. The export tax rebate adjustment involved a total of 3,486 items, accounting for approximately 25.8% of the total number of goods in the customs tariff. From the scope of adjustment, this adjustment covers almost all textile and apparel products, including viscose fiber products that were previously identified as "two high and one capital" products. "General" shows the state's judgment on the textile export situation and the attitude of supporting foreign trade.
The adjustment is due to the fact that this year, due to weakening demand in the international market, appreciation of the renminbi, rising raw material prices and rising labor costs, China's export growth has slowed down, and the profits of exporting enterprises have fallen sharply. In particular, some labor-intensive small and medium-sized enterprises absorb a large amount of labor and have a wide range of employment, but their ability to resist risks is weak, and they face greater pressure on their operations. Therefore, the appropriate adjustment of the fiscal policy this time will also help enterprises to build confidence and tide over the difficulties, and prevent the passive situation that affects China's economic development due to the sharp decline in exports.
In addition, increasing the export tax rebate rate for labor-intensive products can enhance the ability of enterprises to withstand market risks, support small and medium-sized enterprises to overcome the difficult development of business difficulties, and help to further promote the employment of urban and rural labor; and improve the export tax rebate for high-tech and high value-added goods. The rate is conducive to guiding enterprises to optimize the structure of export products and accelerate the pace of industrial upgrading.
It is worth mentioning that this large-scale adjustment of the export tax rebate rate for commodities has once again highlighted the macro-control intention of the Chinese government to "guarantee growth". It is also following the recent increase in the scale of commercial bank credit, the implementation of new foreign exchange regulations and two downward adjustments. Another major regulatory move after the "double rate".
The third adjustment is from December 1, 2008, to further increase the export tax rebate rate of 3,770 items of labor-intensive products, mechanical and electrical products and other affected products. At the same time, some export tariffs on steel, chemicals and food will be abolished, some fertilizer export tariffs will be lowered and taxation methods will be adjusted, and export tariffs will be imposed on individual products.
This adjustment is undoubtedly a trace of the easing of the capital chain of foreign trade production enterprises, and the role played by reducing the pressure on labor-intensive export enterprises should not be underestimated.
The above three times increased the export tax rebate rate for textiles, clothing, light industry and some mechanical and electrical products, and the comprehensive tax rebate rate was raised by 1.6 percentage points.
After a lapse of one month, the state again issued a notice to decide to increase the export tax rebate rate for some mechanical and mechanical products with high technical content and added value since January 1, 2009.
Experts in the industry pointed out that from the policy of raising the export tax rebate rate four times during the year, although China's foreign trade policy has continuously increased the support for enterprises, the policy adjustment has always run through the main line of adjusting the industrial structure and accelerating the upgrading and transformation of the foreign trade industry. Although export tax rebates cannot change the demand in foreign markets, export tax rebates can reduce the cost of Chinese products and increase market share in the world market.
Changjiang Securities: Machinery industry exports are not optimistic. Four stocks are reluctant. The Ministry of Finance and the State Administration of Taxation announced on the 29th that they will increase the export tax rebate rate for some mechanical and mechanical products with high technical content and added value from January 1, 2009. This is the fourth time this year that China has increased the export tax rebate rate to ease the difficulties of export enterprises and maintain stable growth of foreign trade.
The export tax rebate rate for sub-products is adjusted as follows: The export tax rebate rate for machine tools is raised from 11% in November 2008 to 14%-17% in 2009; the export tax rebate rate for marine parts and components is 13% from November 2008. Increased to 17%; the export tax rebate rate for agricultural machinery products was raised from 9%-11% in November 2008 to 13%-14% in 2009; the export tax rebate rate for container products was raised from 13% in November 2008 to 14% in 2009; the export tax rebate rate for semi-trailer products was raised from 9% in November 2008 to 14% in 2009.
From the perspective of the leading products of listed companies, listed companies with no obvious gains in the machine tool and shipbuilding industry, and listed companies that have benefited significantly in the agricultural machinery, container and semi-trailer industries include: CIMC, Jianghuai Power, Su Changchai A And Leo shares.
Although the upward adjustment of the export tax rebate rate is conducive to the increase of cash flow of related enterprises, from the perspective of the global economic trend, under the influence of this economic crisis, the growth rate of external demand has fallen sharply, and the growth rate of domestic machinery products in November has even experienced negative growth. Under the background that the global economic growth rate is expected to continue to fall, the export prospects of the domestic machinery industry are not optimistic, and the upward adjustment of the export tax rebate rate is difficult to change the trend of the industry's export growth rate.
Guohai Securities: Raise the export tax rebate rate to "help" and helpless "upgrade"
Following the increase of the export tax rebate rate of 3,770 items on December 1, the export tax rebate rate for this product was the fourth time in the year, involving a total of 553 mechanical and electrical products, including related products and technical level of the aerospace industry with higher technical level. Motorcycles, sewing machines and other related products that are low in export but large in scale.
On December 24, the executive meeting of the State Council put forward seven major policy measures to alleviate the difficulties of export enterprises and maintain stable growth of foreign trade. Among them, it is explicitly proposed to increase the export tax rebate rate of mechanical and electrical products with high technical content and high added value, and steadily promote the transformation and upgrading of processing trade. . Therefore, the increase in the export tax rebate rate is a continuation of the government's measures to maintain trade stability.
Relieve business difficulties. Combining with the current severe development of China's foreign trade and the year-on-year decline in corporate profit growth in the first 11 months, we believe that the introduction of this policy is more to ease the difficulties of export enterprises, especially the sharply reduced demand and high inventory levels. The pressure from the financial sector has not been significant for promoting the transformation and upgrading of processing trade. Looking at the previous increase in export tax rebate rate, it is basically aimed at the most influential labor-intensive and high-volume mechanical and electrical products.
Trade frictions and trade disputes will intensify next year. Recently, the United States and Russia have announced an increase in import tariff rates on Chinese steel pipes. Taking this as a microcosm, combined with the reality that the current world's major economies are shrinking sharply, we believe that although the leaders of the world's major countries have called for free trade, the result is often due to the pressure of the domestic economy and the pressure of relevant interest groups. Direct or indirect trade protection.
This is China’s fourth export tax rebate adjustment this year, and 2008 has also become the most frequent year for China’s trade policy adjustment.
For the four adjustments of export tax rebates, some insiders pointed out that it is definitely a good news for export enterprises, but adjusting export tax rebates is only one aspect of stimulating foreign trade. The government should start from many aspects and actively cultivate a platform for financing guarantees for SMEs. Enterprises in the direction of development have more public information support, and build a platform for enterprises to "catch the winter." Under the premise of the appreciation of the RMB against the US dollar, the adjustment of China's export industry structure and the gradual reduction of the foreign trade surplus are long-term strategies.
Looking at the four adjustments this year, it is also "don't have a taste in my heart."
The first adjustment was on August 1, 2008, which increased the export tax rebate for some textiles and garments from 11% to 13%; the export tax rebate rate for bamboo products and other commodities increased from 0% or 5% to 11%; some pesticides, Export tax rebates for "two high and one capital" commodities such as silver and batteries were cancelled.
This adjustment has made some export companies applaud. Some analysts pointed out that for every one percentage point increase in the export tax rebate rate, it is equivalent to directly increasing 1% of the total export value of enterprises to corporate profits. For export-oriented enterprises, the increase in export tax rebate rate is direct and rapid. of.
What delights exporting companies is that after three months, the Ministry of Finance and the State Administration of Taxation have once again decided to adjust the export tax rebate rate for some textiles and garments from 13% to 14%. The export tax rebate adjustment involved a total of 3,486 items, accounting for approximately 25.8% of the total number of goods in the customs tariff. From the scope of adjustment, this adjustment covers almost all textile and apparel products, including viscose fiber products that were previously identified as "two high and one capital" products. "General" shows the state's judgment on the textile export situation and the attitude of supporting foreign trade.
The adjustment is due to the fact that this year, due to weakening demand in the international market, appreciation of the renminbi, rising raw material prices and rising labor costs, China's export growth has slowed down, and the profits of exporting enterprises have fallen sharply. In particular, some labor-intensive small and medium-sized enterprises absorb a large amount of labor and have a wide range of employment, but their ability to resist risks is weak, and they face greater pressure on their operations. Therefore, the appropriate adjustment of the fiscal policy this time will also help enterprises to build confidence and tide over the difficulties, and prevent the passive situation that affects China's economic development due to the sharp decline in exports.
In addition, increasing the export tax rebate rate for labor-intensive products can enhance the ability of enterprises to withstand market risks, support small and medium-sized enterprises to overcome the difficult development of business difficulties, and help to further promote the employment of urban and rural labor; and improve the export tax rebate for high-tech and high value-added goods. The rate is conducive to guiding enterprises to optimize the structure of export products and accelerate the pace of industrial upgrading.
It is worth mentioning that this large-scale adjustment of the export tax rebate rate for commodities has once again highlighted the macro-control intention of the Chinese government to "guarantee growth". It is also following the recent increase in the scale of commercial bank credit, the implementation of new foreign exchange regulations and two downward adjustments. Another major regulatory move after the "double rate".
The third adjustment is from December 1, 2008, to further increase the export tax rebate rate of 3,770 items of labor-intensive products, mechanical and electrical products and other affected products. At the same time, some export tariffs on steel, chemicals and food will be abolished, some fertilizer export tariffs will be lowered and taxation methods will be adjusted, and export tariffs will be imposed on individual products.
This adjustment is undoubtedly a trace of the easing of the capital chain of foreign trade production enterprises, and the role played by reducing the pressure on labor-intensive export enterprises should not be underestimated.
The above three times increased the export tax rebate rate for textiles, clothing, light industry and some mechanical and electrical products, and the comprehensive tax rebate rate was raised by 1.6 percentage points.
After a lapse of one month, the state again issued a notice to decide to increase the export tax rebate rate for some mechanical and mechanical products with high technical content and added value since January 1, 2009.
Experts in the industry pointed out that from the policy of raising the export tax rebate rate four times during the year, although China's foreign trade policy has continuously increased the support for enterprises, the policy adjustment has always run through the main line of adjusting the industrial structure and accelerating the upgrading and transformation of the foreign trade industry. Although export tax rebates cannot change the demand in foreign markets, export tax rebates can reduce the cost of Chinese products and increase market share in the world market.
Changjiang Securities: Machinery industry exports are not optimistic. Four stocks are reluctant. The Ministry of Finance and the State Administration of Taxation announced on the 29th that they will increase the export tax rebate rate for some mechanical and mechanical products with high technical content and added value from January 1, 2009. This is the fourth time this year that China has increased the export tax rebate rate to ease the difficulties of export enterprises and maintain stable growth of foreign trade.
The export tax rebate rate for sub-products is adjusted as follows: The export tax rebate rate for machine tools is raised from 11% in November 2008 to 14%-17% in 2009; the export tax rebate rate for marine parts and components is 13% from November 2008. Increased to 17%; the export tax rebate rate for agricultural machinery products was raised from 9%-11% in November 2008 to 13%-14% in 2009; the export tax rebate rate for container products was raised from 13% in November 2008 to 14% in 2009; the export tax rebate rate for semi-trailer products was raised from 9% in November 2008 to 14% in 2009.
From the perspective of the leading products of listed companies, listed companies with no obvious gains in the machine tool and shipbuilding industry, and listed companies that have benefited significantly in the agricultural machinery, container and semi-trailer industries include: CIMC, Jianghuai Power, Su Changchai A And Leo shares.
Although the upward adjustment of the export tax rebate rate is conducive to the increase of cash flow of related enterprises, from the perspective of the global economic trend, under the influence of this economic crisis, the growth rate of external demand has fallen sharply, and the growth rate of domestic machinery products in November has even experienced negative growth. Under the background that the global economic growth rate is expected to continue to fall, the export prospects of the domestic machinery industry are not optimistic, and the upward adjustment of the export tax rebate rate is difficult to change the trend of the industry's export growth rate.
Guohai Securities: Raise the export tax rebate rate to "help" and helpless "upgrade"
Following the increase of the export tax rebate rate of 3,770 items on December 1, the export tax rebate rate for this product was the fourth time in the year, involving a total of 553 mechanical and electrical products, including related products and technical level of the aerospace industry with higher technical level. Motorcycles, sewing machines and other related products that are low in export but large in scale.
On December 24, the executive meeting of the State Council put forward seven major policy measures to alleviate the difficulties of export enterprises and maintain stable growth of foreign trade. Among them, it is explicitly proposed to increase the export tax rebate rate of mechanical and electrical products with high technical content and high added value, and steadily promote the transformation and upgrading of processing trade. . Therefore, the increase in the export tax rebate rate is a continuation of the government's measures to maintain trade stability.
Relieve business difficulties. Combining with the current severe development of China's foreign trade and the year-on-year decline in corporate profit growth in the first 11 months, we believe that the introduction of this policy is more to ease the difficulties of export enterprises, especially the sharply reduced demand and high inventory levels. The pressure from the financial sector has not been significant for promoting the transformation and upgrading of processing trade. Looking at the previous increase in export tax rebate rate, it is basically aimed at the most influential labor-intensive and high-volume mechanical and electrical products.
Trade frictions and trade disputes will intensify next year. Recently, the United States and Russia have announced an increase in import tariff rates on Chinese steel pipes. Taking this as a microcosm, combined with the reality that the current world's major economies are shrinking sharply, we believe that although the leaders of the world's major countries have called for free trade, the result is often due to the pressure of the domestic economy and the pressure of relevant interest groups. Direct or indirect trade protection.
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