US
Dollar Exchange Rates of 31th May
2007
China Yuan
7.613
Report from China
China regulates export tariff rebate rate
The Ministry of Commerce and the State Administration of Taxation said that as of 1 July 2007 China would adjust
export rebate policy on 2,831 commodities, representing 37% of the total number of items subject to customs tax.
China would abolish export tax rebate on 553 items which were high in energy consumption, pollution and resource
use, such as plywood made of endangered timber. The new regulations would further suppress overheated export
growth, ease frictions between China and its trade partners, and optimize the structure of export
commodities. Tax rebate on exports of 2,268 commodities would be reduced, including paper products, which had
been lowered to 5%, and furniture, which had been lowered to 11%.
China establishes first furniture export zone
China’s first furniture export industrial zone would be built on 133 ha in Qionglai City of Sichuan Province.
Manufacturing, research, development and design, marketing and distribution of
furniture would be done according to export requirements. The zone would be built
in January 2008, completed by 2010, and would be China’s first furniture production and export base.
The purpose of building the zone is to allow Sichuan furniture enterprises to have production capacity. It is
expected that more than 50 Sichuan furniture production enterprises will be
centralized in the zone. To become established in the zone, furniture enterprises must have
annual output value of RMB50 million yuan, and high market share, brand recognition and export capacity.
China is largest plywood supplier to Vietnam
China has become Vietnam’s largest plywood supplier, according to information from Vietnam’s trade
information center. Since the beginning of 2007, the value of Vietnam’s plywood imports
rose sharply to US$7.2 million, a year on year increase of 111%. Of Vietnam’s
total plywood imports, 61% were from China, up 72% from the same period in 2006 and worth a total of US$4.4
million. Vietnam’s demand for all kinds of semi-finished products has exceeded supply due to the increase in
wooden ware production and exports, and is expected to grow.
Rong County’s earns competitive edge from technology
Rong County in Guangxi has become the largest special shaped plywood base where special
shaped plywood for high grade office chairs can be manufactured. At present,
there are 530 forest products enterprises in Rong County of Guangxi, 59 of which are large size special
shaped plywood enterprises with annual output of 200,000 m3 and annual profits of RMB420
million yuan. It provides job opportunity for 4000 employees and its products are sold
to Southwest, East China, Northwest, Middle China, and Southeast Asia through Vietnam. Rong
County products have become a major brand in China, especially in Guangdong market, making up 80% of special shaped
plywood market share in Guangdong due to high scientific and technological level and high quality.
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