US Dollar Exchange Rates of 1 July. 2009
China Yuan 6.8341
Report from China
China raises export tariff rebate rate for seventh time
A notice on export tariff rebate rate increases as of 1 June
2009 has been jointly issued by the Ministry of Commerce
and the State Administration of Taxation. The new rates
aim to alleviate the pressure on export-oriented enterprises
and to keep international market shares of exported
products stable. According to statistics from the State
Administration of Taxation, more than 2,600 ten digit
tariff items are affected by the new rates, including labor
intensive, high-tech and downstream products. It is
anticipated that RMB25.2 billion yuan will be returned to
exporters as a result of the new export tariff rebate rates.
This is the seventh adjustment of the rates since the
beginning of the global economic slowdown. The general
export tariff rebate rate will now increase to 13.5% from
12.4%.
The export tariff rebate rate for wooden furniture will
increase to 15% and includes office wooden furniture,
kitchen wooden furniture, bedroom redwood furniture,
bedroom lacquer wooden furniture and other lacquer
wooden furniture, non bedroom redwood furniture and
lacquer wood furniture. In addition, the export tariff rebate
rate for bamboo flooring will increase to 13%.
Likou Township is focus of eastern region¡¯s furniture trade
The China Furniture Association has reported that Likou
Town of Jiangsu Province is the capital of furniture trade
in China¡¯s eastern region. To maximize efficiency of the
trading hub, centers will be built in Likou to address
production, trade, distribution and product inspection.
Likou is a key furniture market in Jiangsu Province and
China¡¯s eastern region. It has more than 50 large size
furniture markets consisting of a total area of 1.5 million
square meters, the largest in the eastern region of China.
There are more than 3,000 traders located in the area from
the US, Italy, France, Japan, Spain and from more than 10
domestic regions such as Shanghai, Guangdong, Zhejiang,
Sichuan and Shandong Province. The number of
employees working in these companies is over 50,000
people. The value of annual sales from the area exceeds
RMB10 billion yuan.
AHEC Convention comes to a close in Liaoning Province
The 14th American Hardwood Export Council (AHEC)
Southeast Asia and Greater China Convention closed in
Shenyang City of Liaoning Province. At the Convention, it
was reported that China had been the largest importer of
American hardwood products for six consecutive years.
Due to lack of forest resources, China was facing huge gap
in timber supply and demand, with 40% of timber demand
dependent on imports. The latest data show the value of
American hardwood products exports in 2008 at USD2.5
billion, with China making up 18% of its market share.
Chen Xizhen, Director of the Southeast & Greater China
Office of AHEC, indicated that after 20 years of rapid
development, the Chinese furniture industry is facing a
transition that is expected to impact domestic and export
quality furniture standards.
Putian Port log imports jump in early 2009
According to the Putian Entry-Exit Inspection and
Quarantine Bureau, log imports through Putian Port were
83,000 m³ valued at USD10.943 million during the first
five months of 2009. The main reasons for the increase
were attributed to special docks at the port, which have an
annual capacity of 40,000 tons and have recently been
utilized in the National Xiuyu Imported Timber
Quarantine and Inspection and Pest and Disease Treatment
Zone. In addition, the first automatic sawnwood
production line has been introduced. Its annual capacity
has now been increased to reach 600,000 m³. The finished
wood products are sold in Shanghai, Shandong and
Sichuan.
|
