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Financials
Business headlines
China cuts tax rebates on exports; glass manufacturers increase prices
The Chinese government announced major cutbacks in its tax rebates for exports in an attempt to correct its trade surplus, according to a June 19 article from the Financial Times.
The rebates, as high as 17.5 percent, have been reduced or eliminated for many product segments, though the government focused on cuts to energy-intensive industries, according to the article.
The tax rebate for float glass decreased from 11 percent to 5 percent forcing price hikes from Chinese manufacturers, according to a June 22 e-mail from officials at Xinyi Glass to customers. Xinyi’s prices on exports will increase 6 percent.
“It is the government’s tax policy; we can not control or change it,” said David Bai, Xinyi Glass sales manager, in the e-mail. “We will increase the price of all of the pending orders.”
If you have been notified of other glass price increases, send us an e-mail.
Read the Financial Times article here.
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