From International Herald Tribune:
Chinese exporters are scrambling to beat the introduction of cuts in export tax rebates, suggesting the potential for a bumper trade surplus for June.
To help reduce the surplus, the government said last week that it would slash the refund of value-added tax on about 37 percent of its export categories on July 1. Rebates will be scrapped on 553 products and cut by 5 to 13 percentage points on another 2,268 lines, including steel, toys, plastic and rubber products and apparel.
Freight forwarders and trading companies said the announcement, and expectations of further rule changes to deter exports, had spurred manufacturers to move shipments forward. Shipping charges on some lines are soaring, they said.
Li Wentao, a manager at BCOF International Trading , a Beijing firm that trades in manufactured products, said his company was trying to get as many goods as possible through customs before the new rates take effect. [Full Text]
