With the worsening of the downturn in the textile industry, the abolition of the sliding tax on cotton was again put on the agenda. The reporter of China Business newspaper has learned exclusively that the Ministry of Finance is planning to amend the sliding tax on cotton and plans to conduct a survey on the state of the textile industry in the second half of this year. As for the survey site and how to adjust the sliding allowance for cotton, the reporter was informed that the Ministry of Finance has been with China National Textile and Apparel Council for consultation, but Textile Industry Association insiders told reporters that "the Ministry of Finance hopes to reduce the sliding allowance tax, and the Textile Industry Federation Clearly pointed out that to lift the sliding tax.There is a big difference of opinion between the two departments. "The reporter solicited views of the Ministry of Finance on the matter, but as of press time, the Ministry of Finance did not reply on the matter. Save the textile industry Informed sources told reporters after the two sessions this year, Shandong Province, the government formally submitted to the relevant departments of the State Council to abolish the sliding allowance for cotton applications, Shandong Province as one of the key cotton-growing areas. In the meantime, at the beginning of April, Wang Tiankai, chairman of the Federation of Textile Industries, hosted a representative from the Ministry of Finance in his office. "The Ministry of Finance plans to carry out a survey on the slide of the sliding allowance for cotton in the second half of the year and solicit the opinions of the China Textile Industry Federation," Wang told reporters. However, the reporter learned that no final agreement has been reached because no fundamental agreement has been reached on reducing or eliminating the sliding tax. It is understood that the sliding tax policy is currently implemented by the Ministry of Finance, a stable cotton industry in China economic system measures. When the foreign cotton price is lower, the higher tax rate will be levied upon import to achieve the consistency of domestic and international cotton prices in the Chinese market. Statistics show that since May 2005, China has introduced a sliding tax on import quotas on quotas of tariffs with sliding rates ranging from 5% to 40%. The purpose of the levy is to reduce the import of cotton pairs under a large amount of cotton imports The impact of the domestic cotton market to ensure that cotton farmers benefit. This is equivalent to setting a floor for the price of imported cotton and supporting domestic cotton market prices. "Now China's cotton prices are much higher than international cotton prices, which is one of the reasons why China's textile products are so expensive." Wang Tiankai told reporters. According to the data released by China Cotton Information Network, the April 19 cotton price index for China was 19,349 yuan per tonne, while the prices of the same day the US cotton prices hovered around 90 cents per pound and below (about 12,489 yuan per tonne). If the latest slip tax formula, according to the April 19 US dollar against the RMB exchange rate of 1 US dollar against 6.3004 yuan calculation, when the foreign cotton price is less than 51 cents / lb (about 7077.2 yuan / ton ), The sliding allowance tax on imported foreign cotton was 40%, while the sliding allowance on foreign cotton imports of 90 cents per pound was 6.3%. This undoubtedly caused great cost pressure on the textile industry. "Affected by the global economic downturn, orders from Chinese cotton enterprises are generally insufficient this year. Some European and American orders have been gradually transferred to other overseas countries with low labor costs and the export situation of textile enterprises is not optimistic." Wang Tiankai told reporters: "In this situation Under the slip tax, undoubtedly weakened the competitiveness of Chinese enterprises. "State Administration of Customs data show that in February 2012 China's textile and apparel exports for about 97.12 billion US dollars, down 7.01%, a 54.87% decrease. Recently, the spot market for textile materials trading - Wuxi Textile Materials Exchange, a big account manager, told reporters regret that: "Now stationed in more than 200 raw materials sellers, but buyers are very few. Poor state of the industry, raw materials The impact of demand is particularly large. "According to the official website of the trading center data show that the past three months, the domestic cotton prices remained at 19,000-19800 yuan per ton. New York Futures US March delivery price of 91.63 cents / pound (discount tax price of 15,341 yuan / ton), the current domestic cotton price low 3832 yuan / ton. India's domestic cotton average price of 12,000 yuan / ton. Cotton prices at home and abroad 4000 ~ 7000 yuan per ton price difference. In fact, as early as 2011, the Association submitted an application to the State Council for exemption from sliding tax. Wang Tiankai disclosed to reporters: "This document has been approved by the State Council's top officials and will be exempted from sliding taxation documents Handed it over to the Ministry of Industry and Information Technology and demanded that the Ministry of Industry and Information Technology conscientiously refer to this requirement, "but subsequently the application was not finally implemented. "MIIT does not support the lifting of the sliding tax." Wang Tiankai said he had conducted many communications with the Ministry of Industry and Information on this matter. "Ministry of Industry on cotton farmers and cotton industry more concerned about the interests." Informed sources revealed to reporters. The historical fate of China's industrial soybean has become a warning for other industries. It is understood that at present, soybean is the only grain variety that is not subject to quotas and low tariffs to enter China. Within 10 years, China has shifted from a net exporter of soybeans to a net importer. Due to the low price of foreign soybeans, the domestic soybean industry has gradually collapsed and the dependence on imported soybeans has been increasing year by year. At present, the import dependence rate has reached 80 %, The ministries and commissions on this issue is very troublesome, and then to other domestic agricultural products [12.25 1.66% of shares it reported] to take protective measures. It is understood that as of the "Eleventh Five-Year" period, China's dependence on imported cotton was 40%. At present, China's cotton output is about 6 million tons and its import volume is 3.3 million tons. USDA predicts that China's cotton consumption will account for half of world production in the future. However, the protection of upstream raw materials, resulting in the cost of industrial production enterprises has been high. A chief executive of Bosideng men's clothing department told reporters: "The cotton spinning market will be more complicated in 2012. The high-end products are not sensitive to the price, while the low-end products are profitable through sales, so the terminal products will be greatly impacted by the market." The major economic indicators and commodity data released by the China Chamber of Commerce show that apparel prices increased sharply in 2011, but the growth rate of the volume declined. The data show that in 2011, the retail price of Chinese clothing increased by 2.4% over the same period of previous year while the growth rate of retail sales decreased by 5.9%. A deputy director of the Consumer Goods Industry Department of the Ministry of Industry and Information Technology told reporters: "The reason for the current profitability of textile and garment enterprises is closely related to the relatively low domestic cotton prices last year. If the raw material costs are low and the raw materials processed by the textile enterprises are concentrated on procurement, When the price goes up, it will achieve profitability, and vice versa. "The above said that the fate of the domestic cotton spinning and weaving business is tied to the cotton price. Prior to this in September 2010, the Ministry of Finance publicly disclosed that it is inappropriate to abolish the sliding tax on cotton imports at this stage. This disappoints the cotton industry, which has been looking forward to canceling its sliding tax. However, this time, the Ministry of Finance took the initiative to come to China Textile Industry Federation to discuss the issue of tax deduction and sliding tax, which is undoubtedly a positive signal. Market participants think this is closely related to the report submitted by the Shandong provincial government to the State Council again for the abolition of the sliding tax. "This application report has received the attention of the State Council and required the Ministry of Finance to implement it, hoping this will be successfully exempted this time." Wang Tian Kai said. Tips Sliding Duties (Sliding Duties), also known as Sliding Tax, is an import duty imposed on the same commodity in the import tariffs based on their market price standards for different tariff levels. The high-end commodity tax rate is low or not taxable, low-priced commodity tax rate high. The purpose of collecting such tariffs is to maintain the after-tax price of the imported commodity, regardless of its import price, at a predetermined price level so as to stabilize the market price of the commodity in the importing country and minimize the international market price The impact of volatility.
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