China increases export tax rebate

China this month announced more tax rebates on some 600 exports, including seafood, in an effort to boost slumping foreign sales.

The latest increase will provide a 13 percent rebate to seafood exporters, who are hurting amid the global financial crisis, said China’s Finance Ministry.

China has raised rebates of value-added taxes previously on seafood exports to help producers compete abroad by cutting prices. But economists say the strategy has done little to boost foreign sales.

China’s exports plunged 22.6 percent in April compared to April 2008, the sixth consecutive monthly decline, according to government data.

China’s seafood exports in March totaled USD 850 million (EUR 613.5 million), up 16.2 percent from March 2008. The country now represents 67 percent (34.4 million tons annually) of global seafood production, followed by India at 6 percent.

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