Some of the export tax rebate for vegetable oil was cancelled on June 13 of this year. Before that, on July 1, last year, the export tax rebate adjustment on 2831 items was adjusted. The news on textile export tax rebate adjustment has also been widely reported in the market recently.
While the appreciation of the renminbi continues, the adjustment of export tax rebates for commodities is also continuing, and the pressure for the survival of some export companies is also not small. Analysts believe that these commodities that have been cancelled export tax rebates are all resource-based products. Now adopting measures to lower resource prices and cancel export tax rebates will help control the overheating of such industries and ease investment in other related industries. Pressure to achieve the purpose of macro-control. In the current process of China’s economic transformation, it is conducive to the capital market to choose wealth preservation methods in accordance with the concept of value investment.
However, some researchers believe that if the short-term impact of a series of export tax rebates on the industry is considered in the macroeconomic environment, it will be found that this is not necessarily a bad thing. Reducing or canceling the export tax rebate rate can weaken the exchange rate pressure and reduce the pressure of macroeconomic regulation and control.
The export tax rebate rate has been adjusted continuously, and the renminbi has continued to appreciate. Market researchers believe that the inhibitory effects of export companies are the same, but there are still differences between the two. The person analyzed that the impact of export tax rebate policy is limited to export enterprises, and the appreciation of the renminbi affects all foreign economic exchanges. When China's industrial structure has not been adjusted, a one-size-fits-all approach to exchange rate appreciation will reduce the overall profitability of Chinese companies, while eliminating the export tax rebate does not have so many negative effects.
The above-mentioned sources also pointed out that the impact of the new policy on export tax rebates only affects Chinese companies that do not have pricing power in the international market, forcing them to increase the added value of their products and change the main selling entities of the products, thereby bringing about a rational adjustment of the industrial structure. In addition, some companies that engage in price-based vicious competition will seek to obtain favorable conditions for export tax rebates by making use of rent-seeking and fraudulent practices to ensure that their corporate profits are not affected by exchange rate appreciation. The reform of export tax rebate policies can curb such enterprises. The short-term behavior of the department.
As an important component of the current macro-control portfolio, the change in export tax rebate policy also reflects the current two major industrial policy orientations, that is, restricting the export of high energy consumption, high pollution, and resource products, and minimizing trade friction, and improving High value-added products. The export of many primary products not only increased the trade friction, but also reduced the use of resources in our country. Through the change of export tax rebate policy, enterprises are encouraged to produce high value-added products.
Of course, some researchers believe that the indirect effects of export tax rebates cannot be ignored. Because the intention of the export tax rebate policy is not only to guide industrial policy guidance, but also to reduce the trade surplus and ease the pressure of RMB appreciation. In addition, the export tax rebate policy will have a greater impact on the foreign trade industry chain, including foreign-trade listed companies and export-oriented listed companies, thus making mainstream funds have a certain degree of concern about the growth momentum of such individual stocks.
At present, many of the listed companies’ leading products are in compliance with the relevant export tax rebate policy. Some people are concerned that this will affect the net profit level of this part of the listed companies. After all, the number of export tax refunds will be directly included in the net profit of listed companies. Or reduce the export tax rebate, which means that the net profit of listed companies will be reduced, which is not conducive to the valuation of listed companies.
However, people in the industry said that from the historical and empirical perspectives, this concern is redundant, and the direct impact of the growth of product exports is the demand of overseas markets, rather than the factor of export tax rebate rate. The export products of listed companies have a certain amount of self-determined pricing power. They may transfer the profits of reduced export tax rebates to exporters, just as the appreciation of the renminbi does not change the export situation of China's clothing and other products. On the other hand, the number of pure export-oriented listed companies is not large, and the stability of gross profit margin can be achieved by balancing exports with domestic sales.
While the appreciation of the renminbi continues, the adjustment of export tax rebates for commodities is also continuing, and the pressure for the survival of some export companies is also not small. Analysts believe that these commodities that have been cancelled export tax rebates are all resource-based products. Now adopting measures to lower resource prices and cancel export tax rebates will help control the overheating of such industries and ease investment in other related industries. Pressure to achieve the purpose of macro-control. In the current process of China’s economic transformation, it is conducive to the capital market to choose wealth preservation methods in accordance with the concept of value investment.
However, some researchers believe that if the short-term impact of a series of export tax rebates on the industry is considered in the macroeconomic environment, it will be found that this is not necessarily a bad thing. Reducing or canceling the export tax rebate rate can weaken the exchange rate pressure and reduce the pressure of macroeconomic regulation and control.
The export tax rebate rate has been adjusted continuously, and the renminbi has continued to appreciate. Market researchers believe that the inhibitory effects of export companies are the same, but there are still differences between the two. The person analyzed that the impact of export tax rebate policy is limited to export enterprises, and the appreciation of the renminbi affects all foreign economic exchanges. When China's industrial structure has not been adjusted, a one-size-fits-all approach to exchange rate appreciation will reduce the overall profitability of Chinese companies, while eliminating the export tax rebate does not have so many negative effects.
The above-mentioned sources also pointed out that the impact of the new policy on export tax rebates only affects Chinese companies that do not have pricing power in the international market, forcing them to increase the added value of their products and change the main selling entities of the products, thereby bringing about a rational adjustment of the industrial structure. In addition, some companies that engage in price-based vicious competition will seek to obtain favorable conditions for export tax rebates by making use of rent-seeking and fraudulent practices to ensure that their corporate profits are not affected by exchange rate appreciation. The reform of export tax rebate policies can curb such enterprises. The short-term behavior of the department.
As an important component of the current macro-control portfolio, the change in export tax rebate policy also reflects the current two major industrial policy orientations, that is, restricting the export of high energy consumption, high pollution, and resource products, and minimizing trade friction, and improving High value-added products. The export of many primary products not only increased the trade friction, but also reduced the use of resources in our country. Through the change of export tax rebate policy, enterprises are encouraged to produce high value-added products.
Of course, some researchers believe that the indirect effects of export tax rebates cannot be ignored. Because the intention of the export tax rebate policy is not only to guide industrial policy guidance, but also to reduce the trade surplus and ease the pressure of RMB appreciation. In addition, the export tax rebate policy will have a greater impact on the foreign trade industry chain, including foreign-trade listed companies and export-oriented listed companies, thus making mainstream funds have a certain degree of concern about the growth momentum of such individual stocks.
At present, many of the listed companies’ leading products are in compliance with the relevant export tax rebate policy. Some people are concerned that this will affect the net profit level of this part of the listed companies. After all, the number of export tax refunds will be directly included in the net profit of listed companies. Or reduce the export tax rebate, which means that the net profit of listed companies will be reduced, which is not conducive to the valuation of listed companies.
However, people in the industry said that from the historical and empirical perspectives, this concern is redundant, and the direct impact of the growth of product exports is the demand of overseas markets, rather than the factor of export tax rebate rate. The export products of listed companies have a certain amount of self-determined pricing power. They may transfer the profits of reduced export tax rebates to exporters, just as the appreciation of the renminbi does not change the export situation of China's clothing and other products. On the other hand, the number of pure export-oriented listed companies is not large, and the stability of gross profit margin can be achieved by balancing exports with domestic sales.
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