The export tax rebate rate for some major technical equipment products has increased from 13% to 17%, an increase of 4 percentage points, which will undoubtedly have a positive impact on the company’s revenue and earnings, and will help improve the global competitiveness of the domestic equipment manufacturing industry as soon as possible. Shorten the gap with the international advanced level.
The industry believes that this is a substantive measure to encourage China’s major technical equipment to go abroad to participate in international competition following the “Eleventh Five-Year Plan†and “State Council’s Several Opinions on Accelerating the Revitalization of Equipment Manufacturing Industry†and other major policies. The domestic companies with strong R&D strength and strong self-innovation ability have expanded their international markets.
The "Several Opinions on Accelerating the Revitalization of the Equipment Manufacturing Industry" and a series of policies are clear. The equipment manufacturing industry will receive policy support in terms of capital and taxation. This time, the export tax rebate rate for solar water heaters, wind turbine generators, and machine tools that use different machine tools for hard materials has been raised to 17%. This is actually a refinement in the export sector, which will surely increase the export of these products. Competitiveness is of great significance to the machinery industries such as ships, machine tools and energy equipment.
According to statistics from the China Machinery Industry Federation, the machinery industry exported 65.286 billion U.S. dollars in the first half of this year, an increase of 36.15% year-on-year. Exports of the machinery industry in various industries continued to maintain double-digit growth, with the highest increase in construction machinery industry reaching 68.63%. Since 2004, cranes, forklifts and vans, bulldozers, excavators, loaders, road rollers, graders, road builders, coal cutters, rock drills, etc. have been implementing 17% export tax rebates. The electric appliance industry achieved the highest export value in the industry, with an accumulated export value of 16.821 billion US dollars, an increase of 36.86% year-on-year. This time, the export tax rebate rates for DC and AC generator sets, multi-phase AC motors, compression-ignition internal combustion engine generator sets, and unlisted generator sets will be raised to 17%, which will further stimulate the growth of export products with competitive advantages. And other companies will benefit from it.
Although generally lagging behind the developed countries, China's machinery products have obvious cost-effective advantages at the middle and low end, and export space is very large. Take the fastest growing construction machinery as an example. In the first six months of this year, exports have increased by more than 15% year-on-year. The semi-annual report of the listed company of construction machinery also showed that the export revenue grew rapidly. The fastest year-on-year growth in export revenue was G Liugong, which achieved an increase of 275%, while the G revenue of the most exporting revenues reached 3.31 in the first half of the year. 100 million yuan. However, due to the sharp increase in the prices of some raw materials, the rapid growth of profits of the machinery industry in the first half of the year was inhibited.
Industry experts believe that as the appreciation of the renminbi and fierce competition have brought greater pressure on the equipment manufacturing industry's exports, its gross profit margin has fallen significantly. The increase in export tax rebate rate partially offsets the pressure on the equipment manufacturing industry caused by the appreciation of the renminbi. Zhou Fengwu, an analyst at Orient Securities Machinery Industry, said that the listed companies that benefited were G Zhenhua, G Heli, G Shen, G Qin Development, G Taizhong, and G Beizhong.
It should be pointed out that the export structure of the machinery industry is not reasonable. Although mechanical products with higher technological content and higher added value continue to grow in the current mechanical products exported, labor-intensive products, products with low added value, and resource-based products still account for a large proportion. The electrical and electronic appliances, high-precision machine tools, construction machinery, heavy mining and other sub-sectors, their exports of products in the complete sets of equipment, high value-added products account for a large proportion of these industries, some high-tech products to increase export tax rebate rate It will promote the adjustment of the export structure.
In addition, the development of major technology and equipment industries will inevitably bring opportunities for upstream and downstream development. The most direct driving factor is the raw material industry on which the equipment industry relies. The most typical may be the high-end steel industry, some non-ferrous metal industry and new chemical materials. Areas such as G Baosteel, G Angang, G Taigang, G Wugang, G Sanhuan, G Baoji Titanium and G Hashantungstung and other companies may benefit from it.
The industry believes that this is a substantive measure to encourage China’s major technical equipment to go abroad to participate in international competition following the “Eleventh Five-Year Plan†and “State Council’s Several Opinions on Accelerating the Revitalization of Equipment Manufacturing Industry†and other major policies. The domestic companies with strong R&D strength and strong self-innovation ability have expanded their international markets.
The "Several Opinions on Accelerating the Revitalization of the Equipment Manufacturing Industry" and a series of policies are clear. The equipment manufacturing industry will receive policy support in terms of capital and taxation. This time, the export tax rebate rate for solar water heaters, wind turbine generators, and machine tools that use different machine tools for hard materials has been raised to 17%. This is actually a refinement in the export sector, which will surely increase the export of these products. Competitiveness is of great significance to the machinery industries such as ships, machine tools and energy equipment.
According to statistics from the China Machinery Industry Federation, the machinery industry exported 65.286 billion U.S. dollars in the first half of this year, an increase of 36.15% year-on-year. Exports of the machinery industry in various industries continued to maintain double-digit growth, with the highest increase in construction machinery industry reaching 68.63%. Since 2004, cranes, forklifts and vans, bulldozers, excavators, loaders, road rollers, graders, road builders, coal cutters, rock drills, etc. have been implementing 17% export tax rebates. The electric appliance industry achieved the highest export value in the industry, with an accumulated export value of 16.821 billion US dollars, an increase of 36.86% year-on-year. This time, the export tax rebate rates for DC and AC generator sets, multi-phase AC motors, compression-ignition internal combustion engine generator sets, and unlisted generator sets will be raised to 17%, which will further stimulate the growth of export products with competitive advantages. And other companies will benefit from it.
Although generally lagging behind the developed countries, China's machinery products have obvious cost-effective advantages at the middle and low end, and export space is very large. Take the fastest growing construction machinery as an example. In the first six months of this year, exports have increased by more than 15% year-on-year. The semi-annual report of the listed company of construction machinery also showed that the export revenue grew rapidly. The fastest year-on-year growth in export revenue was G Liugong, which achieved an increase of 275%, while the G revenue of the most exporting revenues reached 3.31 in the first half of the year. 100 million yuan. However, due to the sharp increase in the prices of some raw materials, the rapid growth of profits of the machinery industry in the first half of the year was inhibited.
Industry experts believe that as the appreciation of the renminbi and fierce competition have brought greater pressure on the equipment manufacturing industry's exports, its gross profit margin has fallen significantly. The increase in export tax rebate rate partially offsets the pressure on the equipment manufacturing industry caused by the appreciation of the renminbi. Zhou Fengwu, an analyst at Orient Securities Machinery Industry, said that the listed companies that benefited were G Zhenhua, G Heli, G Shen, G Qin Development, G Taizhong, and G Beizhong.
It should be pointed out that the export structure of the machinery industry is not reasonable. Although mechanical products with higher technological content and higher added value continue to grow in the current mechanical products exported, labor-intensive products, products with low added value, and resource-based products still account for a large proportion. The electrical and electronic appliances, high-precision machine tools, construction machinery, heavy mining and other sub-sectors, their exports of products in the complete sets of equipment, high value-added products account for a large proportion of these industries, some high-tech products to increase export tax rebate rate It will promote the adjustment of the export structure.
In addition, the development of major technology and equipment industries will inevitably bring opportunities for upstream and downstream development. The most direct driving factor is the raw material industry on which the equipment industry relies. The most typical may be the high-end steel industry, some non-ferrous metal industry and new chemical materials. Areas such as G Baosteel, G Angang, G Taigang, G Wugang, G Sanhuan, G Baoji Titanium and G Hashantungstung and other companies may benefit from it.
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