Railroad investment
(China Daily)
Updated: 2006-08-21 09:51
Tax rebate adjustment
The government is likely to reduce tax rebates
on exports of high-polluting, energy-consuming and resource-intensive products
by an average 2 percentage points in a bid to protect natural resources and
steer the country away from low value-added exports.
The tax rebate
adjustment policy has been fixed and is likely to be announced within one month,
the Guangzhou-based Information Times reported last week, citing an unidentified
source. The adjustment will involve the textile, steel, metallurgy, machinery
and light industries.
The export tax rebate rate for garments will be
reduced from 13 per cent to 11 per cent, and the rate for steel will be lowered
to 8 per cent from the current 11 per cent, the newspaper says.
GDP could
slow
The country's economy is likely to slow down slightly during the
rest of the year, the World Bank said last week, pointing to the central
government's moves to rein in growth.
Gross domestic product (GDP) may
grow 10.4 per cent for the whole of 2006 as recent macroeconomic control
measures are likely to slow down the sizzling economy to under 10 per cent in
the second half of the year, the bank says in its latest quarterly
report.
The economy grew at a decade-high 11.3 per cent in the second
quarter, the fastest since 1996, raising fears among economists that the economy
is overheating and prompting the government to take a slew of macro control
measures. GDP expanded by 10.9 per cent in the first half.
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