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China cancels some "two highs"

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China cancels some "two highs"

2019-06-26

Heat sink

With the approval of the State Council, the Ministry of Finance and the State Administration of Taxation issued a circular to cancel the export tax rebate for some steel, non-ferrous metal processing materials, pesticides, pharmaceuticals, chemical products, plastics and products, rubber and products, glass and products, involving more than 400 commodity varieties. The specific execution time of cancellation of export tax rebate shall be subject to the export date indicated in the customs declaration form for export goods (special for export tax rebate).

Analysts pointed out that this is the first time that China has made a reverse adjustment to the export tax rebate policy since the second half of 2008, when the export demand fell and the export tax rebate policy was restarted.

"It can be seen from the list of goods with export tax rebate cancelled listed by the two departments that this regulation and control is mainly aimed at some products with high pollution and energy consumption." Bai Jingming, deputy director of the Finance Department of the Ministry of finance, pointed out that the move was another "iron fist" regulatory measure introduced by the government since the State Council deployed the work of energy conservation and emission reduction at the beginning of last month.

According to the list made by the two departments, this regulation is unprecedented. Many commodities, such as chloronitropropane and dichlorophenol, originally enjoy export tax rebate rates of 13% or 17%.

"From the early stage, the export tax rebate rate of some commodities has been raised frequently, and this time, the export tax rebate of some commodities has been cancelled, so strong policy control highlights the intention of the decision-makers to speed up the industrial structure adjustment." Zhang Bin, director of the Tax Research Office of the Institute of Finance and trade, CASS, said.

According to official data, in the first four years of the 11th five year plan, China's energy consumption per unit of GDP decreased by 14.38%, which means that it is still very difficult for China to achieve the goal of reducing 20% of the 11th five year plan.

It is worth noting that since this year, due to the accelerated growth of six high energy consuming industries, such as domestic power, steel, nonferrous metals, building materials, petrochemical industry and chemical industry, the energy consumption per unit of GDP rose by 3.2% in the first quarter, further increasing the pressure to achieve the "11th Five Year Plan" energy conservation and emission reduction target.

Zhang Bin believes that to cancel the export tax rebate for some "two high" commodities such as steel and chemical products is actually to increase the production cost of these enterprises by economic means under the conditions of market economy, which is conducive to promoting energy conservation and emission reduction and curbing excess.

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