Beijing plans to raise export tax rebates to help struggling exporters, says a senior trade official.
- Thu
- Jun 20, 2013
- Updated: 3:55am
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Opinion
The Ministry of Finance will rebate natural gas importers the 13 per cent value-added tax they are paying to help cut their losses due to high import prices and low domestic prices.
Mainland car sales returned to positive growth last month after a slight contraction in May, preliminary data shows.
Hong Kong garment makers with factories across the border have warned of a tidal wave of shutdowns if the central government slashes value-added tax rebates on exports.
The world's biggest car market has shifted gears from overdrive into reverse, with mainland passenger car sales declining last month for the first time in two years.
After two years of stimulus-fuelled, double-digit increases, growth of car sales on the mainland slowed to a crawl last month.
Inflation fears have persuaded Financial Secretary John Tsang Chun-wah not to give any new tax rebates as he fears more cash in the street will unavoidably add to inflationary pressure.
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