China to raise export rebate rate on 3,770 items

Nov. 18, 2008 (China Knowledge) - The Ministry of Finance (MOF) of China announced on Monday that it will raise the export rebate rate of 3,770 commodity items this year, sources reported.

The new policy, which takes effect from Dec. 1, covers labor-intensive, mechanical and electrical products.

The export rebate rate of some rubber products will be raised from 5% to 9%, while the export rebate rate of some moulds and glassware will be raised to 11% and that of some aquatic products will be increased to 13% from the original 5%.

This is for the third time that the Ministry of Finance of China raises the export rebate rate this year.

Since Aug.1, 2008, the export rebate rate of some textile and garment products was increased from 11% to 13%. And the Ministry of Finance raised the export rebate rate of some labor-intensive commodities, products with high technical content and with high added value since Nov. 1 of this year.