China ups export rebate rates for over 1,400 products

08:28, March 18, 2020

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  Shanghai speeds up rebates for foreign trade companies

  The Shanghai government is implementing a variety of policies to help foreign trade firms hit by the ongoing COVID-19 epidemic. One of those measures is a substantial reduction in the time needed to claim tax refunds. The city says the move puts more cash in the pockets of its 24,000 trading firms.A-share listed manufacturer Quectel exports computer chips to more than 150 countries worldwide, primarily for use in the Internet of Things. The epidemic has delayed its production schedule, however, and so to help solve the problem, the Shanghai Tax Bureau sped up the companys export rebates -- its last refund application for 15 million yuan on taxes paid on raw materials imports took only four days to process."The epidemic has impacted our operations. We were planning to export orders worth 18 million U.S. dollars by the end of March, but thats been delayed. The more efficient export rebate gives us more cash in hand to purchase raw materials and pay the wages of our employees," said Zhang Lei, the board secretary at Quectel.In the past, it would have taken more than a week to get the export rebate, but the Shanghai Tax Bureau is now able to issue its quickest rebates in only 24 hours. Almost all of Shanghais trading firms have been able to apply for their export rebates online since February.Trading firms are having difficulties recently, which local tax officials attributed to the high prices of raw materials and transportation. "So we set up a special team to get them their export rebates more quickly. Firms with good records get their rebates back most quickly, and others have been sped up too," said Lu Yang, the section chief of Shanghai Tax Bureau, Xuhui District.While large firms like Quectel are relying on export rebates for cash, smaller firms are doing so as well. Customs data released at the weekend shows Chinas export volume in the first two months dropped by double digits year-on-year, which means the trading firms ar...

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  Dow plunges over 1,400 points, ending in bear market

  (Photo: AP)NEW YORK, March 11 (Xinhua) -- Volatile trading continued on Wall Street Wednesday with the Dow closing down more than 1,400 points amid coronavirus fears.The Dow Jones Industrial Average sank 1,464.94 points, or 5.86 percent, to 23,553.22. The 30-stock index fell into a bear market territory, down more than 20 percent from last months record close.The S&P 500 decreased 140.85 points, or 4.89 percent, to finish at 2,741.38. The Nasdaq Composite Index dipped 392.20 points, or 4.70 percent, to 7,952.05.All the 11 primary S&P 500 sectors ended lower, with industrials falling 5.95 percent, the worst-performing group.Fears that the continued spread of the coronavirus would slow economic growth rattled investors.The World Health Organization (WHO) said on Wednesday that the COVID-19 outbreak can be characterized as a "pandemic" as the virus spreads increasingly worldwide.The WHO is "deeply concerned both by the alarming levels of spread and severity, as well as by the alarming levels of inaction," said WHO Director-General Tedros Adhanom Ghebreyesus. He also urged the international community to take urgent and aggressive action to contain the pandemic.The number of confirmed COVID-19 cases in the United States has topped 1,000.US President Donald Trump suggested Tuesday that he wanted the payroll tax rate to drop to zero through the end of the year. However, details of the policies remain uncertain.The lack of a clear roadmap for Washingtons proposed stimulus measures to mitigate the impact of the virus added to market jitters, experts noted.On the data front, the Consumer Price Index (CPI) in the United States edged up 0.1 percent in February on a seasonally adjusted basis, the US Bureau of Labor Statistics said on Wednesday.The increase of the CPI, a measurement of inflation, followed a 0.1-percent growth in January, the report showed.

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  China revs up medical device production amid global shortage

  An expert team including five medical specialists from Southwest Chinas Sichuan Province and one from the countrys Center of Disease Control depart for Italy on Wednesday, where total COVID-19 cases have exceeded 10,000. (Photo: cnsphoto)Chinese companies are expanding production of medical devices essential for diagnosing and treating patients with the novel coronavirus (COVID-19) such as ventilators and computed tomography (CT) scanners to meet rising demand from overseas as the number of confirmed cases continue to surge across the world.China is already the largest supplier of protective gear from surgical masks to gloves and suits, but its also emerging as a main producer of more advanced diagnostic and therapeutic equipment, with many companies seeing rising orders from abroad in the wake of the COVID-19 epidemic. While many manufacturers still focus on domestic needs, some are also preparing for export orders to support hard-hit countries.Rising demandMindray Medical International Ltd, a Shenzhen-based medical equipment and solutions provider, said that the company has already been providing medical equipment including respirators to some top Chinese hospitals that are sending medical personnel and equipment to aid Italy."If the epidemic spreads more widely overseas, there may be surging demand for medical equipment such as ventilators, patient monitors, infusion pumps and portable ultrasound systems," Wang Rui, PR manager of Mindray, told the Global Times on Wednesday.While developed countries generally have strategic reserves of medical equipment and materials for responding to emergencies, if the epidemic becomes more widespread, these reserves could be insufficient, according to Wang.While many countries are still focusing on containing the deadly virus from further spreading and facing a dire shortage of protective gear, treatment for patients with COVID-19 could also pose challenges for some, including developed countries ...