Wang Xinpei, spokesman for the Ministry of Commerce, said that in the second half of this year, along with the disappearance of enterprises "rushing through exports" before July 1st and a related policy to begin after July 1st; it is expected that China's export growth rate will fall somewhat in the second half of year.
On July 10th, China Customs published the nation's import and export data in the first half of year. There is a surplus of US$112.5 billion. For this, Wang Xinpei said that there are two main reasons for this. The first is that the government has issued a law in the first half of year which reduces export tax refund rates for some commodities. Since it would begin implementation from July 1st, some enterprises have hastened to process the products with the original higher rate of export tax refund before July 1st; and caused many incidents of "rushed through exports" in June. The second is the issue of industrial structure. Among the US$112.5 billion in surplus, the larger portion still comes from industrial structure and the worldwide industrial adjustment. This also indicates a continuing global demand for China's products.
By People's Daily Online
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