BUSINESS China's export tax rebates, exemptions top 812b yuan in H1

BUSINESS

China's export tax rebates, exemptions top 812b yuan in H1

Xinhua

20:01, August 02, 2020

Containers are unloaded from a ship at a port of Qingdao, East China's Shandong province, on Feb 17, 2020. (Photo: Xinhua)

BEIJING - China granted export tax rebates or exemptions worth 812.8 billion yuan ($116.2 billion) in the first half of the year to relieve the financial pressure on enterprises amid the COVID-19 pandemic.

Starting from March 20, the country raised the export tax rebate rates for 1,464 items from 10 percent to 13 percent, or from 6 percent to 9 percent, according to the State Taxation Administration.

By the end of June, nearly 25,000 export firms benefited from the favorable policies.

China is improving the implementation of export tax rebates, tapping the potential of customs clearance reform and optimizing services for enterprises amid efforts to stabilize foreign trade and investment.

The country achieved better-than-expected foreign trade performance in H1, with exports and imports both rising in June, as China's economic recovery gathers momentum amid further containment of COVID-19.

The country saw its foreign trade rise 5.1 percent year-on-year in June, with exports and imports up 4.3 percent and 6.2 percent, respectively, official data showed.

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