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East China's Jiangsu to suffer most from cancellation of tax rebate

07-15-2010 17:02 BJT

NANJING, July 15 (Xinhua) -- East China's Jiangsu Province, a major exporter, will feel the sting the most from China's cancellation of a tax rebate Thursday.

China's Ministry of Finance and the State Taxation Administration will cancel export tax rebates for 406 commodities, including steel, nonferrous metal building materials and chemicals, from July 15, as China draws down stimulative policies introduced to combat the effects of the global financial crisis on the nation's exports.

The tax rebate was increased seven times in a row from the beginning of the crisis until the second half of 2008.

Zhang Xin, analyst at the municipal customs house in Nanjing, Jiangsu's capital, said that steel, nonferrous metal building materials and chemicals account for a significant share of Jiangsu's exports.

The new policy's impact on Jiangsu will likely be more severe than that on other coastal regions, Zhang believes.

According to the local customs house, in the first half of the year, Jiangsu exported 1.47 billion U.S. dollars worth of commodities that will be affected by the new policy. Those exports were up 110 percent from the previous year.

That export volume accounted for 15.8 percent of Chinese exports that will be affected by the new policy, which is higher than the other two major exporting regions, Guangdong Province and Shanghai, both of which were at 6 percent, according to Zhang.

The new policy targets high-pollution and energy-intensive products like steel, nonferrous metal materials, silver powder, alcohol, corn starch, pesticides, medicines, chemicals, plastic products, rubber and rubber products, as well as glass and glass ware, according to Bai Jingming, deputy head of a finance research institute under the Ministry of Finance.

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