On December 27, 2004, the Ministry of Finance and the State Administration of Taxation issued a notice to increase the export tax rebate rate for some IT products such as integrated circuits, mobile communication devices, and computers to 17%. The next day, the two ministries announced that they will be announced from January 1, 2005. From the date, 8% of export tax rebates for electrolytic aluminum and ferroalloys will be cancelled, and export taxes will be imposed on them. The changes highlighted by a series of policy adjustments are compelling. These goods that have been canceled for export tax rebates are resource products.
Jia Kang, director of the Research Institute of the Ministry of Finance, said that the measures taken to lower the resource products and cancel the export tax rebate rate are conducive to regulating the overheated investment in such industries, and then slow down the investment pressure of other related industries to achieve macroeconomics. The purpose of regulation. Liu Shangxi, a researcher at the Institute of Finance, talked about the significance of canceling the export tax rebate for these products from a broader perspective. He believes that the export of these resource products has played a positive role in increasing export earnings in the initial stage of China's economic development. However, at present, China’s foreign exchange reserves are abundant enough, and it is not very meaningful to encourage their exports. Because from the past experience, the export of these products is typical of “losing money and earning moneyâ€. Many manufacturers are striving for export tax rebates. And blindly export prices.
Liu Shangxi said that if the short-term impact of the recent series of export tax rebate policies on the industry is put into the overall macroeconomic environment, it will be found that this is not necessarily a bad thing. Because this kind of export method has earned foreign exchange for the country, it has increased the pressure of appreciation of the renminbi and worsened the domestic inflation situation. In fact, it is not conducive to the improvement of the welfare of all people, only to a few export sectors. At this time, lowering the export tax rebate rate can weaken exchange rate pressure and reduce macroeconomic regulation and control pressure. Moreover, "the cancellation of export tax rebates for some metal products this time may mean that the central government will soon cancel export tax rebates in more product areas.
Jia Kang, director of the Research Institute of the Ministry of Finance, said that the measures taken to lower the resource products and cancel the export tax rebate rate are conducive to regulating the overheated investment in such industries, and then slow down the investment pressure of other related industries to achieve macroeconomics. The purpose of regulation. Liu Shangxi, a researcher at the Institute of Finance, talked about the significance of canceling the export tax rebate for these products from a broader perspective. He believes that the export of these resource products has played a positive role in increasing export earnings in the initial stage of China's economic development. However, at present, China’s foreign exchange reserves are abundant enough, and it is not very meaningful to encourage their exports. Because from the past experience, the export of these products is typical of “losing money and earning moneyâ€. Many manufacturers are striving for export tax rebates. And blindly export prices.
Liu Shangxi said that if the short-term impact of the recent series of export tax rebate policies on the industry is put into the overall macroeconomic environment, it will be found that this is not necessarily a bad thing. Because this kind of export method has earned foreign exchange for the country, it has increased the pressure of appreciation of the renminbi and worsened the domestic inflation situation. In fact, it is not conducive to the improvement of the welfare of all people, only to a few export sectors. At this time, lowering the export tax rebate rate can weaken exchange rate pressure and reduce macroeconomic regulation and control pressure. Moreover, "the cancellation of export tax rebates for some metal products this time may mean that the central government will soon cancel export tax rebates in more product areas.
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