Official data released by China’s State Taxation Administration (STA) on 29 July indicates that it processed a total of 812.8 billion yuan (approx. USD$116.3 billion) in export tax rebates in the first half of 2020.
STA said that rebates had helped to “effectively reduce the funding pressure on export companies in China and reduce their cost of funds.”
In March 2020 STA announced that it would increase the export tax rebate for a total of 1464 product categories, including an increase to 13% for 1084 categories.
According to STA 25,000 export enterprises were beneficiaries of the policies as of the end of June.