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Feng Shiliang, deputy secretary-general of the China Petroleum and Chemical Industry Association, said at the meeting that the situation in the first eight months of the year was generally good, but since August, the growth rate of China's petrochemical industry has gradually declined; after October, the situation has further deteriorated. “In November, the output of 70% of the products dropped.†According to him, of the 69 kinds of petrochemical products that were tracked, a total of 48 kinds of production declined in November, accounting for about 70%, and 7 more than the previous month. Many products Decline more than 20%. Among them, sulphur and phosphorus decreased by 26.7% and 23.0%, respectively; both the tri-acids and the alkalis in inorganic chemicals dropped sharply by about 20%; ethylene, a key petrochemical product, fell by 12.2%; methanol, a coal chemical product, decreased by 9.6%; agrochemicals. Fertilizer production decreased by 16.3%; PVC and calcium carbide decreased by 38.7% and 49.1%, respectively.
“Analysis believes that this financial crisis has affected China and it has not yet reached the end. The impact of the first and second quarters of next year will further deepen, and the petrochemical industry may experience a sharp drop in growth rate. Individual industries will experience negative growth, the situation will become more severe, and the impact on the economy will continue. Year.†Feng Shiliang said.
To this end, a senior person from the China Petroleum and Chemical Industry Association revealed at the Beijing forum that China may make major adjustments to its export tax rebate policy and even return to its pre-July 2007 level.
Earlier, the Ministry of Industry and Information Technology had proposed seven proposals to the State Council on the outstanding contradictions and major problems currently faced by the petrochemical industry, including a new round of import and export tariff adjustments for petrochemical products. According to the proposal, the export tax rebate rate for some high-value-added products will be raised first, and the export tax rebate rate for 16 products such as synthetic resin and synthetic rubber will increase from 5% to 11%. At the same time, in order to prevent the impact of foreign oil products, the temporary tariff rate of imported refined oil will be restored from 1% to 5%.
On June 18, 2007, the Ministry of Finance and the State Administration of Taxation consulted with the National Development and Reform Commission, the Ministry of Commerce, and the General Administration of Customs to issue the “Notice on the Reduction of Tax Rebate Rates for Certain Products by the State Administration of Taxation of the Ministry of Financeâ€, which was stipulated in 2007. On the 1st of the month, adjust the export tax rebate policy for some commodities. This policy has further eliminated 553 export tax rebates for "high-energy, high-pollution, resource-based" products, including chemical products such as fertilizers and dyes. At the same time, the export tax rebate rate for 2268 products that are likely to cause trade frictions has been reduced, including plastics and rubber and their products, which has brought tremendous pressure on the chemical industry.
Chemical product export tax rebate policy may make major adjustments
The reporter learned from informed sources that high-level figures from the domestic oil and petrochemical industry gathered in Beijing on Wednesday to participate in a seminar on the analysis of the national petrochemical economy organized by PetroChina (11.15, 0.04, 0.36%, bar) and the Chemical Industry Association. The association’s top officials revealed at the meeting that China may make major adjustments to its export tax rebate policy, and policy guidance may return to the level before July 2007.