China Will Increase Export Tax Rebates From November
China intends to raise export tax rebates and quicken export tax rebate payments in order to support foreign trade. The Cabinet said, that the rise in export tax rebates will "help reduce costs for the real economy, help it cope with the complex international situation and maintain stable foreign trade growth".
According to the Cabinet statement, the tax rebate will be raised to 16% for those exports currently getting a rebate of 15% or 13%. The rebate will be raised to 10% for those exports that currently get a 9% rebate, though the rebate will be raised to 13% for some. The rebate will be raised to 6% for exports currently getting a 5% rebate, though for some it will be raised to 10%.
The move conforms to rules of the World Trade Organization (WTO) and will take effect from November 1. Last month, China raised export tax rebates for 397 items, including steel and electronic products, in a bid to help exporters as the tariff war with the United States worsened.