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by Cuo Yun YuncuoRecently nike air
zoom pegasus 32 dames , the State Ministry of Finance and State
Administration of Taxation jointly issued on the lower part of the export tax
rebate rate notice, once again ranked among the textile industry. Industry
professionals believe that the export tax rebate rate of textile and garment
industry's downturn has been expected, mainly clothing and viscose fiber will be
listed impact. "Several adjustments in the aggregate may result in the most
direct consequences of the second half of 2007, export growth declined from
industry, trade and further slight decline in profitability." Orient Securities
analyst, said Shi Hongmei interview. China Textile Import and Export Chamber of
Commerce official told reporters, based on 2006 data, the export tax rebate cut
1 percentage point, industry profits will fall by 4.6%. However, China's textile
export price lower than similar products in the international market more than
10%, export margins are thin, even if the price was up, still competitive
overseas. Moderate reduction in export tax rebate rate The state of the textile
industry to adjust export tax rebate mainly clothing and viscose industries,
including, clothing, shoes, hats, bags and product categories from 13% of the
export tax rebate rate down to 11% export tax rebate rate of viscose fiber
adjustment magnitude larger, from 11% to 5%. It is understood that this is since
2001, the 4th China textile and apparel export tax rebate adjustment. Earlier,
the market has long been rumored to textile export tax rebate, so the adjustment
should be said to be expected. Industry generally believe that the actual
adjustment of relatively mild, the scope of tax rebate only clothing and viscose
fiber, textiles not included in earlier rumors, while the reduction in tax rates
than other goods to small, cut down the scope and range of products are less
than the market expected. Nevertheless, the tax rebate adjustment on the impact
of the textile industry but can not be ignored. Orient Securities analyst Shi
Hongmei that adjustment than the one before this adjustment affect broader, in
September 2006 China's textile export tax rebate will be reduced from 13% to
11%, according to estimates, textile exports account for the entire industry's
total exports 40%, while clothing, shoes, hats, and viscose fiber sector's total
export share of exports accounted for 60% or so. In addition nike air
pegasus 83 dames zwart , from the time point of view, there is a
certain adjustment of the previous transition period, but this adjustment has
been released ahead of time, but no specific transition period, so the industry
a greater impact corporate profits. Influenced apparel export business Shi
Hongmei, said a further cut the export tax rebate mainly clothing, shoes, hats,
and viscose fiber industry, the related companies in particular export-oriented,
relatively low margin businesses were the biggest negative impact, some
companies may even the brink of bankruptcy. In contrast, domestic-based products
to small businesses affected, more to come from domestic sales in the export
sector has an indirect impact. For export-oriented apparel, footwear and luggage
accessories business enterprises as the main customers also will have a negative
conduction. It is understood, Jiang Su Sanyou, large Young Creation, Liaoning
and other times the proportion of listed companies in garment exports, so the
views of this tax cut by the impact may be larger. Garment export earnings last
year, Jiang Susan You 4.6 billion, accounting for 87% of the company's main
revenue; Big Young Creation apparel exports 480 million yuan last year,
accounting for 74% of main income; Liaoning times export earnings last year,
1.15 billion yuan, accounting for the Lord 61% of operating income. The red
beans shares, seven wolves to domestic-oriented enterprises directly affected by
the policy adjustment is small. Red Bean clothing exports last year, the
proportion of shares of only 3.24 percent, seven wolves exports accounting for
2.55 percent. Shi Hongmei also pointed out that through the static calculation,
even if affected several large listed company, its earnings per share of 0.01
yuan has only -0.03 per hour, while the listed company's competitiveness in the
industry still has significant advantage, it is expected that the policy
adjustment related to listed companies on the impact of significantly less than
non-listed companies. Viscose prices rose by repression From January to April
this year, exports of viscose fiber industry data, total domestic exports in
April before the viscose staple fiber 34,459.71 tons nike air zoom
pegasus 31 dames , up 173.02 percent year on year; total exports
amounted to 63,297,800 U.S. dollars, up by 235.80%. Total exports in April
before the filament reaches 26,765.89 tons, up 35.6% year on year; total exports
amounted to 99,379,800 U.S. dollars, up 54.73 percent. Viscose fiber production
at present the proportion of exports accounted for only 12.53%. Domestic viscose
fiber industry, including listed companies, Shandong Hailong, Xinxiang Chemical
Fiber, Baoding Swan, Nanjing Chemical Fiber, Jilin Chemical Fiber, fiber, etc.
Dandong, the company's 2006 annual report, apart from Shandong Hailong, Xinxiang
Chemical Fiber, Baoding Swan exports relative proportion larger, respectively,
15%, 22% and 20%, the majority of listed companies in viscose industry domestic
sales and export, the proportion is generally low. Shandong Hai Securities, a
staff member to do an interview, said the company mainly domestic-oriented and
export tax rebate rate cut has little effect on the company, and therefore the
company has yet to make specific adjustments exports, the future is not likely
because reduction and elimination of export tax rebate rate. Guoxin Securities
analyst high Minfang that lowered export tax rebate rate of viscose fiber is not
limited to the specific impact of the company's profitability, but the domestic
supply and demand play a moderating role in the vi.
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