BEIJING, Nov. 7 (Xinhua) -- China has increased value-added tax (VAT) export rebate rate for 418 products to 17 percent, according to a circular issued by the Ministry of Finance (MOF) and State Administration of Taxation on November 4.
The move aims to promote the country's export and stabilize foreign trade situation.
The adjustment, which involves 418 product including camera, explosive motor, petroleum, jet fuel, diesel and electric toy train, has taken effect since November 1.
"The move conveys a signal that the central government is making effort to effectively expand external demands and improve the competitiveness of Chinese export commodities," said Bai Jingming, vice director of the Research Institute for Fiscal Science under the Ministry of Finance
The 17-percent export rebate rate indicates that those products have got full tax refund, which helps ensure a fair competition of Chinese products in the global market, noted Bai.
Foreign trade in the first three quarters was down 1.9 percent from a year earlier to reach 17.53 trillion yuan (2.61 trillion U.S. dollars), with exports dropping 1.6 percent and imports falling 2.3 percent, according to figures from the General Administration of Customs (GAC) on October 13. (Edited by Zhang Yuan, zhangyuan11@xinhua.org)
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