China to Raise Export Rebate of Tungsten Cutting Tools, Aim at Imporving Cutting Tools Industry

Having been approved by the State Council, Ministry of Finance and State Administration of Taxation, the issued Notice of Raising Export Rebate on Parts of Merchandises instructs to increase export rebate on moderately on labor intensive, technological and high value-added products. New standard of export rebate implemented by China involves only one product in machining tools -- tungsten carbide cutting tool of numerical -controlling machines, of which the export rebate rate will be booted to 11%

Insiders express that cutting tool industry has been encouraging the manufacturing of tungsten carbide products for years, and the improvement of the standard of export rebate suggests that the policy has been established in the basis of expanding domestic demand. The standard will benefit the stable improvement of national economy and improve the competitiveness of enterprises. It is said that, since the making of high speed steel cutting tools will cost a lot of resources, besides, the quality and price is rather low, so cutting tool industry has been ignoring it. But now cutting tools are badly in need for Chinese industries, exporting volume is quite large.      

It is reported that the export volume of cutting tools has reached $0.8 billion and most of them are high-speed steel ones whereas tungsten carbide cutting tools only account for several million yuan. The exporting structure, at the same time, has been a factor of international trade conflict. Although countries like America and Germany have not yet respond obviously to Chinese exported cutting tools, Spain and some South American countries have taken place some boycotts.

The raise on export rebate of tungsten carbide products is expected to improve both the manufacturing and exporting of tungsten carbide cutting tools.

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