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revises export rebates amid overcapacity and trade tensions","china-revises-export-rebates-amid-overcapacity-and-trade-tensions","article/china-revises-export-rebates-amid-overcapacity-and-trade-tensions",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":659,"featured":51,"reporter":660,"_editable":664,"component":665,"seo_title":553,"categories":666,"visibility":673,"author_company":49,"featured_image":674,"seo_description":659,"author_full_name":49,"author_job_title":49,"formattedDate":679,"formattedArticleDate":680},"cf8557a1-0ab5-4d9e-9f53-cf6e86dca92b","2024-11-22 00:00",[560,563,566],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"usa","USA",{"slug":567,"name":568},"policy","Policy",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,594,599,612,619,624,629,634,639,644,649,654],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"China has announced adjustments to its export tax rebate system effective from December, targeting commodities and products like spherical graphite, semi-refined copper, and batteries. ","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"“The export tax rebate system applies to the value added tax (VAT) that companies pay on exported goods,” said Bryan Bille, policy and geopolitical principal at Benchmark. “It ensures Chinese exports are more competitive in the global market by reducing the tax burden on exporters, thereby encouraging international trade.”",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":588},"Outwardly, the policy shift seems to relate to Chinese policymakers’ desire to address overcapacity problems in low-value industries – particularly within the clean energy sector. The change will increase manufacturing costs and drive up export prices, deterring low-cost competition and limiting capacity expansions.",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602,604],{"text":603,"type":588},"Amidst domestic economic challenges, government-supported industry and export markets have served as key engines for Chinese economic growth in 2024. However, international criticism of perceived unfair subsidies has intensified, ",{"text":605,"type":588,"marks":606},"prompting rising trade tensions.",[607],{"type":608,"attrs":609},"link",{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":611},"https://source.benchmarkminerals.com/article/eu-more-than-halves-proposed-imports-duties-on-tesla-evs-made-in-china","url",{"type":613,"attrs":614,"content":616},"heading",{"level":615,"textAlign":49},4,[617],{"text":618,"type":588},"Why is China changing the export rebate?",{"type":583,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":588},"The current system incentivises companies to export lower-value material to receive the VAT rebate rather than upgrading material into higher-value products, according to Benchmark analysts, creating overcapacity problems at these points of the supply chain.",{"type":583,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":588},"In the short-term, amendments to the rebate will negatively impact the competitiveness of Chinese exports in global markets and could result in consolidation in the affected industries.",{"type":583,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":588},"“The removal of the rebate will make Chinese exports of copper semi-fabricated products less competitive on the world stage,” noted Benchmark copper analysts. “The rule change could result in a drop in China’s refined copper demand growth next year, though this would be offset by increased production in the rest of the world.”",{"type":583,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":588},"Longer term, the rule change is likely to spur value-added investment and fast-track the Chinese policymakers’ aim of achieving self-sufficiency for critical industries, reducing reliance on imports and bolstering the country’s economic resilience.",{"type":613,"attrs":640,"content":641},{"level":615,"textAlign":49},[642],{"text":643,"type":588},"Could other factors be at play?",{"type":583,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":588},"But there may be other economic and geopolitical factors at play behind the policy shift, according to Jonathan Humphrey, senior economist at Benchmark. ",{"type":583,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":588},"“China may be pre-emptively removing these subsidies so it has more credibility in trade negotiations with the incoming Trump presidency,” Humphrey said. ",{"type":583,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":588},"“It could also be to assuage the EU’s concerns that it may have over becoming a dumping ground for Chinese exports if the US erects high trade barriers,” Humphrey added.","China has announced adjustments to its export tax rebate system effective from December, targeting commodities and products like spherical graphite, semi-refined copper, and batteries. “The export tax rebate system applies to the value added tax (VAT) that companies pay on exported goods,” said Bryan Bille, policy and geopolitical principal at Benchmark. “It ensures Chinese exports […]",[661],{"slug":571,"name":572,"content":662},{"job_title":574,"image":663,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cf8557a1-0ab5-4d9e-9f53-cf6e86dca92b\", \"id\": \"\"}-->","article",[667,670],{"slug":668,"name":669},"critical-minerals","Critical Minerals",{"slug":671,"name":672},"geopolitics","Geopolitics","private",{"id":49,"alt":675,"name":675,"focus":675,"title":675,"source":675,"filename":676,"copyright":675,"fieldtype":677,"meta_data":678,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg","asset",{"alt":675,"title":675,"source":675,"copyright":675},"Nov 22, 2024","22nd November 2024",[],[],1792773893784]