On November 15, 2024, the Ministry of Finance and the State Administration of Taxation jointly issued the "Announcement on Adjusting Export Tax Refund Policies" (Announcement No. 15 of 2024 by the Ministry of Finance and the State Administration of Taxation), announcing the cancellation of export tax rebates for aluminum, copper, and chemically modified animal, plant, or microbial oils, fats, and other products. The export tax rebate rate for some finished oil products, photovoltaics, batteries, and some non-metallic mineral products will be reduced from 13% to 9%. Among them, the export tax rebate rate for all products under 34 tax codes related to the glass fiber and products industry has been reduced from 13% to 9%.
On the same day, the Ministry of Commerce, together with the Ministry of Industry and Information Technology, the General Administration of Customs, and the State Cryptography Administration, issued Announcement No. 51 of 2024, announcing the "List of Dual Use Items Export Control of the People's Republic of China" (hereinafter referred to as the "List"), which will be implemented from December 1, 2024. Among them, glass "fiber or filament materials" with two characteristics of "specific modulus greater than or equal to 3.18 × 106m" and "specific tensile strength greater than or equal to 7.62 × 104m" will be included in the dual-use item export control list.
Since last year, with the growing strength of the Russia-Ukraine conflict, uncertainties in the foreign trade export market have gradually increased. Especially with the advancement of two trade lawsuits in the European Union, the continuous rise in international freight prices, and some countries and regions lowering their economic growth expectations, China's glass fiber and product exports have ended their strong momentum since October last year. Since August, there has been a significant correction, and the month on month decline in September is close to 18%. In response, the association has issued multiple operational reports to track, analyze, and warn against this. As the situation of the US presidential election gradually becomes clearer, the overall global trade trend and key issues are bound to change again. Topics such as the return of the real economy and trade protection, weapons proliferation and export control of dual-use items, monetary policy and exchange rate control, technological innovation and patent protection are bound to become the focus of great power games. In this context, the relevant departments of the country have introduced the above policies, which not only make sufficient preparations and lay the foundation for the next stage of the great power game, but also help guide and promote the domestic manufacturing industry to quickly emerge from the vortex of internal competition, rely on technological innovation, accelerate the shaping of new quality productivity, accelerate the formation of a new development pattern with the domestic circulation as the mainstay and the domestic and international dual circulation mutually promoting each other, and take the path of high-quality development.
