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China reduce tax subsidy of about 3,000 articles
21/06/2007 12:00
From July 1st China will reduce export tax return subsidy of 2,831 articles, equivalent to 37% exporting goods of this country.
This measure is aimed at reducing its trade surplus with other countries and improving energy usage situation in many industries.
Among them are 533 types of products which use a lot of energy and natural resources, and lead to high environment pollution during production such as cement chemicals, fertilizers, leather, etc. According to JP Morgan financial institute, this movement will be helpful in controlling exports and reducing Chinese huge trade surplus.
However, influence of it is not high because the yuan exchange rate is still low and so is the labor cost in China. JP Morgan asserted that to reduce export surplus and avoid tension with America and EU, Beijing needs to foster rising yuan and increasing imports.
This measure is aimed at reducing its trade surplus with other countries and improving energy usage situation in many industries.
Among them are 533 types of products which use a lot of energy and natural resources, and lead to high environment pollution during production such as cement chemicals, fertilizers, leather, etc. According to JP Morgan financial institute, this movement will be helpful in controlling exports and reducing Chinese huge trade surplus.
However, influence of it is not high because the yuan exchange rate is still low and so is the labor cost in China. JP Morgan asserted that to reduce export surplus and avoid tension with America and EU, Beijing needs to foster rising yuan and increasing imports.
(According to Tuoi Tre, AFP)
22/06/2007
Source: vietnamnet
22/06/2007
Source: vietnamnet
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