ZCZC
BCN-18
CHINA-EXPORT-TRADE-GROWTH
China’s exports up 6.5 pct in first three quarters
BEIJING, Oct. 13, 2018 (BSS/Xinhua) – China’s exports went up 6.5 percent
year on year to 11.86 trillion yuan (about 1.72 trillion U.S. dollars) in the
first three quarters of 2018, General Administration of Customs (GAC) data
showed Friday.
The trade surplus was narrowed by 28.3 percent to 1.44 trillion yuan in
the first three quarters.
Exports of electro-mechanical products increased by 7.8 percent to 6.91
trillion yuan, taking up 58.3 percent of China’s total export value, said GAC
spokesperson Li Kuiwen.
China has taken measures to readjust its export structure, with exports of
automobiles and machine tools expanding 16.3 percent and 18.7 percent,
respectively.
The country has made great achievements in the green development of
foreign trade, reducing the exports of energy-intensive, high-polluting and
resource-intensive products by 7.6 percent, Li said.
China has been witnessing a higher level of opening-up, as companies have
moved to diversify their export market and seek more trading partners, Li
added.
Trade between China and other Belt and Road countries grew 3.3 percentage
points faster than the growth rate of China’s overall foreign trade.
Trade with Africa and Latin America grew at a rate of 3.9 percentage
points and 3.8 percentage points higher, respectively, than overall trade
growth.
To improve the business environment and facilitate cross-border trade at
customs, China will reduce customs charges, enhance the efficiency of customs
supervision and accelerate the process of customs clearance, Li said.
China will also reinforce cooperation with Belt and Road countries on
customs clearance, accelerate the development of China-Europe rail services
and make efforts to promote international logistics, he added.
Besides these measures, China has also decided to improve its export tax
rebate policy to reduce the business burden and bolster foreign trade,
according to members of a State Council executive meeting chaired by Premier
Li Keqiang on Monday.
The current seven tax brackets will be cut to five, and some rates will be
raised according to international common practice, said a statement released
after the conference.
Effective from Nov. 1, the 15-percent bracket and part of the 13-percent
bracket will be lifted to 16 percent. The 9-percent notch will be adjusted to
10 percent or 13 percent, and the 5-percent tier to 6 or 10 percent.
However, high-energy consumption and seriously polluting goods as well as
those involved in industrial capacity cuts will see export rebate rates
unchanged. The government expects the policy to facilitate supply-side
structural reform, ease burdens on the real economy and stabilize foreign
trade growth amid complicated global circumstances.
BSS/XINHUA/HR/1140