China have freedom in undertaking all the import and export activities including international trade, with the exception of those forbidden by state laws and regulations.
Some of the import and export procedures are open to choice. Whether these procedures are necessary is solely decided by the kinds of import and export and the category of the import and export commodities.
II. China Export Procedures
In China's export business, BOF terms apply only in a small number of countries and regions which have signed agreements with China on the same delivery terms. The majority of countries do business on CIF or CFR terms and get paid in letter of credits. This kind of export contracts involve many links with complicated procedures and are associated with many aspects and departments.
Export procedures usually include: the establishment of an export contract, preparing export commodities, push for documents, checking and changing documents, booking space, customs declaration, commodity inspection, insurance, loading, writing documents and settlement of exchange. Among them, the four procedures such as goods (preparing for export goods), documents ( push for documents, checking and changing documents), ships (booking space), payment ( writing a document and settlement of exchange) are the most important.
China's Aggressive Exports Beijing Economic Policy Rocks the Global Boat
By Wieland Wagner In order to stimulate its economy, Beijing re-pegged its currency to the dollar. Doing so, however, has not only increased global economic imbalances -- it could ultimately harm China itself.
It was just over a year ago that Huang Fajing, 55, was struggling to keep his company afloat. The president of lighter manufacturer Wenzhou Rifeng Lighters Co., Huang was forced to send his roughly 500 workers home early as a result of the global economic crisis. He himself had little to do but watch television in his luxury apartment in the eastern Chinese industrial city of Wenzhou.
Now, a year later, business is back in full swing in Wenzhou's factories, which supply the world with inexpensive goods, from buttons to electric cables to, of course, lighters. At Rifeng, workers wearing gray uniforms press tiny metal parts into the lighter shells, which are then sold to smokers in Europe, the United States and Japan.
Given Huang's slim profit margins of no more than 5 percent, Huang has carefully fine-tuned the work performed by the young men and women in his factory to eliminate unnecessary movements. But the fact that he has survived the crisis at all is largely thanks to his government -- and the decision in the summer of 2008 to once again peg the exchange rate of the yuan to the US dollar.
The Crutch
Beijing uses this policy to ensure that the country's factories can continue to export their products at ever cheaper prices. Because the value of the dollar has declined sharply, the yuan has fallen along with it, losing up to 17 percent of its value against the euro in 2009. At the same time, this artificially low exchange rate serves as a crutch that enables the Chinese government to protect many of its export businesses against failure. It is the only reason why exports declined by only 1.2 percent in November 2009, relative to the same month a year earlier, allowing China to replace Germany as the world's top export economy.
Many in the West see the rising economic power as an enormous engine of growth that is helping to lift the rest of the world out of the crisis. The government in Beijing has jump-started the domestic economy with a gigantic economic stimulus package worth four trillion yuan, or about €400 billion ($580 billion), which has led to investments in road, railway and airport construction throughout the country. Generous tax rebates to stimulate consumption, particularly of big-ticket items like cars, were also part of the package.
But China, with its enormous export economy, has in fact expanded global imbalances with its aggressive exchange rate strategy -- the same kind of imbalances that were partly responsible for the most recent financial crisis and, as a result, ought to be corrected.
China also risks triggering new, long-term trade conflicts, particularly with its
neighbors. Since the beginning of the economic crisis, China has been diverting some of its exports to neighboring countries and away from Europe and the US, where sales have declined.
Series of Dumping Complaints
Some of its neighbors have already taken defensive measures. Vietnam recently devalued its currency, the dong, by 5 percent, making imports more expensive and protecting the domestic industry from a flood of Chinese goods. India has submitted a series of dumping complaints to the World Trade Organization (WTO), including one involving cheap imported paper from China. And Indonesia has sought to protect itself against cheap Chinese nails by imposing protective tariffs.
Western companies, on the other hand, are still relatively unconcerned about Beijing's exchange rate policy -- with good reason. Manufacturers that produce inexpensive shoes, electric drills or computers in China for sale in their domestic markets have no reason to complain. And many German businesses, particularly machine manufacturers, can still sell their products in the realm of the cheap yuan, because their Chinese customers are often willing to pay higher prices for German quality.
Nevertheless, there is growing opposition in Europe and the United States to a policy whereby China is trying to export its way to economic health, essentially at the expense of the rest of the world. Throughout the country, Chinese provincial
officials are vying to expand local state-owned factories and build new ones. The steel industry alone has increased its capacity by about a third in the space of only two years.
Duties on Chinese Tires
As a result, the world must brace itself for a new wave of cheap Chinese-made goods. \"Unfortunately, we will see a lot more dumping complaints against China in the second half of 2010,\" predicts Jörg Wuttke, president of the European Union Chamber of Commerce in Beijing.
In late December, the EU imposed a 64.3 percent anti-dumping tariff on Chinese metal wire used in the auto industry, and the US is likewise protecting itself by imposing new duties on cheap Chinese tires and steel pipes. Beijing threatens to retaliate by imposing symbolic tariffs on American chickens and cars.
Ironically, China, with its policy of keeping the yuan artificially undervalued, will ultimately harm itself more than anyone -- not unlike a rehab patient reaching desperately for more drugs. In order to keep the yuan down, the Chinese central bank must constantly buy up dollars. As a result, the country has amassed the world's largest foreign currency reserves, worth $2.3 trillion. China invests about two-thirds of its reserves in American currency, primarily in US treasury bonds. But as the dollar continues to fall, the value of this investment declines along with it.
China, however, has so far refused to enter into a debate over their economy's
chronic dependence on manipulated exchange rates. At a meeting with EU representatives in Nanjing, Chinese Premier Wen Jiabao dismissed as \"unfair\" a politely worded request that he reduce the value of his currency against the dollar to rein in the flood of exports. Even US President Barack Obama, during his recent visit to China, was reluctant to be appropriately forceful in addressing the politically taboo subject.
Indefinite Exploitation
The issue seems to have become an embarrassment to Beijing's leaders, particularly given their declared goal of balancing China's current accounts with other countries by the end of 2010.
This aim was the work of men like Yu Yongding, 61. A former advisor to the Chinese central bank, Yu now has an office on the 15th floor of the Academy of Social Sciences in Beijing, a respected government think tank. Having been a leading visionary for a world power, Yu now finds himself having to defend his life's work.
He celebrated his greatest triumph on July 21, 2005, when the People's Bank of China, as the Chinese central bank is officially called, slightly appreciated the yuan against the dollar, while simultaneously removing the currency's dollar peg. From then on, instead of being firmly pegged to the dollar, the yuan fluctuated within fixed parameters against a currency basket made up of several different currencies.
This led to a 22-percent increase in the yuan's value against the dollar by November 2008. Reformers like Yu, imagining that China was on the verge of liberating itself from a dependency on low-wage industry, celebrated the course correction as a symbolic beginning. They also believed that a higher-valued yuan would reduce the cost of imports to China, stimulate private consumption and enable the People's Republic to join the ranks of high-tech nations in the long term. \"We cannot allow the United States to indefinitely exploit us as a low-wage country,\" says Yu.
The Bubble Could Burst
During the course of the global crisis, though, the reformers soon found themselves on the defensive. One of those reformers is Zhou Xiaochuan, the governor of the central bank. Zhou sets the yuan's exchange rate, practically at the instruction of the cabinet, which is intent on doing whatever it can to boost exports to achieve its goal of increasing gross domestic product by 8 percent. Initial forecasts indicate that Chinese GDP actually grew even more in 2009 -- as much as 9 percent.
But with his rigid exchange rate regime, Zhou is also fueling China's enormous economic bubble. Some of the foreign currency he is forced to continually extract from the market to bolster the yuan is subsequently re-injected into the monetary cycle in the form of increased liquidity. Low interest loans from Chinese banks are indirectly fueling widespread speculation in stocks and real estate.
Were the US to suddenly raise interest rates, the bubble could burst. Indeed, by pegging the yuan to the dollar, China ultimately makes itself dependent on US monetary policy. \"No one knows how much lower the dollar will go,\" says economist Lin Jiang of the Sun Yat-Sen University in Guangzhou, \"or if the US will suddenly end its policy of easy money.\"
But many of his fellow Chinese, on the contrary, see the dollar peg as a symbol of national sovereignty instead of distasteful dependence. \"The more the West urges China to appreciate the yuan, the less the government will respond,\" says former central bank advisor Yu.
Huang, the lighter manufacturer, is pinning his hopes on the yuan remaining undervalued. \"If Beijing appreciates the currency by more than 1.5 percent,\" he says, \"I will go out of business.\"
Translated from the German by Christopher Sultan
10 May 2012 Last updated at 05:30 GMT
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China's exports and imports see slower growth
China has been diversifying its exports from low-cost goods to high-tech products
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China's export and import growth slowed in April raising fears about a sharp slowdown in its economy and triggering calls for monetary policy easing.
Exports rose by 4.9% in April from a year earlier, down from the 8.9% annual growth seen in the previous month, a sign that global demand may be slowing.
Meanwhile, imports rose just 0.3% on the year, down from 5.3% in March, indicating a fall in domestic demand.
China has been trying to boost domestic consumption to rebalance its growth.
\"It is quite a revealing number. What we are seeing in China at the moment is an economy that is very much exposed to the global volatility,\" Alistair Thornton of IHS Global Insight in Beijing told the BBC.
\"It is clear that the situation in Europe is dragging on China's export performance, and in turn on its overall growth.\"
Policy easing?
China's robust economic growth in the past few years was accompanied by a sharp rise in inflation and a surge in property prices.
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“Start Quote
If the government does not relax policies further, all factors that dragged growth down in the first three months will still remain in the second quarter”
End Quote Jianguang Shen Mizuho Securities Asia
As a result, Beijing introduced various measures, including curbs on lending, to try to rein in consumer and property price growth.
While it has since eased some of those policies, analysts said the effects of the tightening were still being felt.
\"China's economy is still to bounce back from the cumulative effect of the monetary tightening last year which is impacting domestic demand,\" said Mr Thornton of IHS Global Insight.
China's central bank has reduced the amount of money banks must hold in reserve twice in the past few months in a bid to increase lending. The hope is that more easily available credit will spur investment and boost demand.
However, some analysts said that the government needed to ease its policies even further.
\"If the government does not relax policies further, all factors that dragged growth down in the first three months will still remain in the second quarter,\" said
Jianguang Shen of Mizuho Securities Asia.
\"China needs not only to loosen monetary policies, it also needs to relax curbs on local government financing vehicles and the property sector.\"
'Plenty of weakness'
Over the past few years China has relied heavily on the success of its manufacturing sector and exports to boost its economic growth.
However, economic problems in the key US and eurozone markets have dented demand and hurt growth.
While there had been hopes of an economic recovery in those markets, recent data and developments have suggested that the recovery may take much longer.
In the eurozone, the region's debt crisis fears have re-emerged after voters in France and Greece backed politicians who are opposed to state spending cuts.
In the US, jobs growth, which is seen as key to a recovery in the world's biggest economy, slowed in April.
China's policymakers have also found it tough to boost domestic demand enough to offset lower growth in exports.
Given these issues, analysts say the recovery in China's trade is likely to be a
very slow one.
\"We do expect things to improve. However, it is not going to be a sharp V-shaped recovery but a slow and volatile one amid plenty of weakness in both the domestic and global economy,\" said IHS Global Insight's Mr Thornton.
Facing a Slowing Economy, China Turns to American Exports
Agence France-Presse — Getty Images
A factory in Jinjiang in Fujian Province. The result of a Chinese export surge to the United States is a swelling American trade deficit with China in an election year.
By KEITH BRADSHER
Published: July 13, 2012
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WASHINGTON — A weakening Chinese economy, underlined by a further slowdown disclosed on Friday in Beijing, is starting to pose a headache for United States officials and the two presidential campaigns, as Chinese companies shift toward a greater reliance on selling to the American market.
A real estate bust in China and sweeping layoffs in the country’s construction sector, together with slower growth in retail sales and declining exports to Europe,
have left one area that is thriving: exports to the United States.
But the result is a swelling American trade deficit with China in an election year. The bilateral deficit widened 10.2 percent in the first five months of this year compared with the gap in the period a year earlier, and preliminary data suggest that it widened further in June.
The deficit could swell even more as November approaches. The weakness of the Chinese economy is holding down its demand for American exports, even as Chinese exporters show a laserlike focus on selling to the American market.
The Obama administration has stayed silent about the Chinese export surge to the United States because it does not appear to stem from an explicit policy drafted in Beijing. The American market has become more appealing for many companies in China because of slowing demand in their home market and from Europe, as opposed to government subsidies or other policies.
But a call by China’s premier, Wen Jiabao, on Tuesday for increased investment spending has stirred some concern in Washington. American officials had been pressing China to expand consumption instead of building ever more factories that could someday produce even more exports.
“I think it’s worrisome because if China is going to do its tried and tested way of responding to an economic slowdown by increasing investment, it just sets the stage in the future for increased trade frictions,” said an American trade
official who spoke on the condition of anonymity because of diplomatic sensitivities.
Exporters like the Shenzhen Ezoneda Technology Company, a manufacturer of electrical extension cords and computer cables in southeastern China, are finding an attractive market in the United States and are becoming better able to supply it. After struggling as recently as late winter to recruit enough workers, exporters are now able to run assembly lines flat out as companies supplying the domestic Chinese market lay off workers or slow their hiring.
“It is easier to find workers now than in February, it is easier to find workers this year compared to last year,” said Nick Tan, the sales manager at Shenzhen Ezoneda.
At the same time, slumping demand for steel and other commodities by construction companies and other businesses supplying the Chinese domestic economy has made it cheaper for exporters like Shenzhen Ezoneda to buy materials.
China announced on Friday that its economy grew at an annual rate of 7.6 percent in the second quarter, down from 9.5 percent in the period a year earlier. It was the sixth consecutive quarter of falling growth and the weakest officially acknowledged growth rate since the first quarter of 2009, at the bottom of the global financial crisis.
But the Chinese government also said on Friday that nationwide electricity production actually dropped 0.9 percent in June from a year earlier. That could be a sign of a much deeper slowdown. Lombard Street Research in London estimated China’s annualized growth rate during the second quarter at a little less than 4 percent.
The Obama administration portrays its China policies as a success over the last three and a half years, pointing to a 7.2 percent appreciation in the renminbi against the dollar since President Obama took office. This has made Chinese exports costlier in the United States and American goods more affordable in China.
Add in faster inflation in China than in the United States over most of this period and the renminbi’s real appreciation was 10.2 percent through May.
But the renminbi has slipped 1 percent against the dollar from its peak on May 2. The difference in inflation rates has also reversed in recent months, with producer prices in China down 2.1 percent in June from a year ago, even as they rose 0.1 percent in the United States.
The administration has stayed silent during the renminbi’s modest retreat, not least because there is little evidence that the Chinese government has played much role in it. The renminbi has fallen less against the dollar than most emerging-market currencies in recent weeks.
Chinese companies have been slower in recent months to convert the dollar
receipts from their exports back into renminbi, reducing demand for the Chinese currency. The renminbi has seemed less likely to appreciate and many companies are seeking ways to diversify their operations and investments overseas.
China’s central bank has actually been restraining what would otherwise be a faster fall in the renminbi. It has done so by frequently pegging the start of each day’s trading at a stronger level against the dollar than the close of the previous day’s trading.
Chinese economic weakness, coupled with rising exports, poses challenges for presidential campaigns. Mitt Romney, the presumptive Republican presidential nominee, has portrayed China as an economic powerhouse that bends trade rules and has called for labeling China as a currency manipulator and challenging it on trade policies from his first day in office.
Asked about the latest signs of economic weakness in China, Andrea Saul, a spokeswoman for the Romney campaign, responded in a statement on Friday that, “Regardless of China’s economic performance, Governor Romney will insist from Day 1 that they put an end to their intellectual property theft, market restrictions and currency manipulation.”
The Obama administration faces constant pressure from labor unions to take a more confrontational stance toward China on trade. But the unions, generally supportive of his re-election bid, have stayed largely quiet in recent weeks.
A version of this article appeared in print on July 14, 2012, on page B3 of the New York edition with the headline: Facing a Slowing Economy, China Turns to American Exports.
Abstract:
Numerical simulation analysis of bargaining solutions is little developed in existing literature. Here we use a multi country, single period numerical general equilibrium model which captures China and her major trading partners and examine the outcomes of trade policy bargaining solutions (bargaining over tariffs and financial transfers) over time as China grows more rapidly than her trade partners. We compute gains relative to non-cooperative Nash equilibria for a range of model parameterizations. This yields a measure of both absolute and relative gain to China from bargaining. We calibrate our model to base case data for 2008 and use a model formulation where there are heterogeneous goods across countries. The gains from trade bargaining accrue more heavily to other countries when we use 2008 data rather than later year data. We then consider the impacts out into the future of different country growth rates which sharply increases China’s relative size. Our objective is to assess how China’s gains from bargaining change over time; whether they grow at a faster rate than GDP growth and for which parameterizations. Our simulation results indicate that China’s welfare gain from trade bargaining will increase over time if countries keep their present GDP growth rates for several decades, but there are major difference when using different bargaining solution concepts. These differences have not been noted in existing literature but have an intuitive explanation. Our results also
indicate that if China jointly bargains along with India, Brazil and other developing countries with the OECD, China’s gain will further increase. Bargaining gains are also sensitive to country size. When we use PPP to adjust China’s relative GDP size; China’s trade bargaining welfare gain increases by about 37%.
背景资料：中国出口退税政策历次重大调整一览 2010年 6月 23日 星期三 07:35 BJT 14保存为书签 | 打印 | 阅读全文 [-] 文字大小 [+] 全球市场新闻 〔芝加哥期市〕CBOT近月大豆期货收跌,受累于收割压力 〔芝加哥期市〕CBOT小麦期货攀升2.6%,连涨第三日 〔芝加哥期市〕CBOT玉米期货收高,与其它大宗商品一道上涨 更多市场新闻
路透北京6月22日电---中国财政部周二发布通知称,经国务院批准,自今年7月15日起取消部分商品出口退税,包括部分钢材和有色金属加工材等.
以下是路透根据过往报导及中国官方媒体的数据整理的,自1994年税制改革以来出口退税政策历次重大调整背景资料:
--2010年7月15日
取消部分商品出口退税,包括部分钢材和有色金属加工材,玉米淀粉及部分塑料及制品等.其他取消出口退税的商品还有部分橡胶、玻璃及制品,银粉、酒精、农药、医药、化工产品等.
--2009年6月1日
提高部分机电和钢铁制品,以及玉米淀粉和酒精的出口退税率.将合金钢异性材等钢材、钢铁结构体等钢铁制品、剪刀等商品的出口退税率提高到9%,并将电视用发送设备、缝纫机等商品的出口退税率提高到17%.
--2009年4月1日
将纺织品和服装的出口退税率提高至16%,此次调整共涉及3,802个税号.出口退税率提高到13%的有合金镍条、杆、型材,镍丝,镍管;铝合金制空心异型材;不 钢热轧条、杆;外径 25mm的其他精炼铜管;部分橡胶及其制品、毛皮衣服等皮革制品、日用陶瓷、显像管玻壳、金属家具等制品等.
--2009年2月1日
将纺织品、服装的出口退税率由14%提高至15%,此次调整涉及3,325个税号.
--2008年11月1日
一是适当提高纺织品、服装、玩具等劳动密集型商品出口退税率,二是提高抗艾滋病药物等高技术含量、高附加值商品的出口退税率.出口退税率分为5%、9%、11%、13%、14%和17%六档.
--2008年8月1日
部分纺织品、服装的出口退税率由11%提高到13%;部分竹制品的出口退税率提高到11%.
--2007年7月1日
调整共涉及2,831项商品,约占海关税则中全部商品总数的37%.经过这次调整以後,出口退税率变成5%、9%、11%、13%和17%五档.
--2005年
分期分批调低和取消了部分\"两高一资\"(高耗能、高污染、资源性)产品的出口退税率,同时适当降低了纺织品等容易引起贸易摩擦的出口退税率,提高重大技术装备、IT产品、生物医药产品的出口退税率.
--2004年1月1日
调整出口退税率为5%、8%、11%、13%和17%五档. 待续
全球市场新闻
〔芝加哥期市〕CBOT近月大豆期货收跌,受累于收割压力
〔芝加哥期市〕CBOT小麦期货攀升2.6%,连涨第三日
〔芝加哥期市〕CBOT玉米期货收高,与其它大宗商品一道上涨
更多市场新闻
--1998年
提高了部分出口产品退税率至5%、13%、15%、17%四档.
--1995年和1996年
第一次大幅出口退税政策调整,由原来的对出口产品实行零税率调整为3%、6%和9%三档.(完)
--整理 李然; 审校 林高丽
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