Blog: Raising tax rebates
Leonie Barrie | 24 October 2008
Most countries would be envious if their GDP growth was anywhere close to 9%. But earlier this week China’s government took that fact that its GBP growth had fallen to 9% - the slowest rate in five years - as a trigger to raise its export tax rebates for the second time since August.
The rebate for clothing and textiles will rise from 13% to 14% as part of attempts to help exporters hit by rising production costs and a slowdown in demand. Although the jury’s still out on just how much this move will stimulate demand in overseas markets battling their own slowdowns.
But it will no doubt add fuel to US textile protectionists who are on the look-out for evidence of “predatory trade practices” and “illegal subsidies” as they try to persuade the US government to monitor imports from China for illegal dumping.
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