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Thursday, October 23, 2008

No Tax Support For Fireworks

More Bad News - No Tax Support For Fireworks

The government of China is putting back in place some of the export tax incentives that were lost two years ago.

Unfortunately, these incentives will not be applied to the fireworks industry and further illustrates that Fireworks are no longer being supported as a favored commodity by the central Chinese government.

This is the second time in three months that China has increased tax rebates for the export industry. Last August 1, some tax rebates were increased by 2 percentage points to 13 percent.

The new tax rebate rates will range from between 9 percent and 13 percent and cover 3,486 types of products, or an estimated one-quarter of all exports listed by customs authorities.

Tax rebates on shipments of textiles and garments and toys will be increased to 14 percent while furniture exports can qualify for a 13 percent tax rebate.

AIDS medications, steel wire used for appliances, and some types of plastics and machinery will be increased accordingly by 9 percent, 11 percent, and 13 percent.

China’s State Council has said that it will be implementing measures that should push growth and buffer against the unstable international markets.

“The tax-rebate rises won’t make a big impact on textile companies, but it reflected the government’s determination to help the export sector,” Zhang Bing, a Sinolink Securities Co analyst told Shanghai Daily.

For the first nine months of the year, garments exports amounted to US$87.1 billion, a decrease 21.2 percentage points from last year’s figures. During the same period, the country’s GDP expanded by 9 percent, the slowest in five years.

Exporters have been struggling to cope with am appreciating yuan and rising production costs. According to Customs figures, 3,631 toy exporters, or 52.7 percent of the industry’s total, were closed in the first seven months.
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Tuesday, October 21, 2008

Beihai port closed again (Oct. 18, 2008)

Beihai port closed again (Oct. 18, 2008)

Beihai port re-opened for 2 days then closed again, supposedly because of the Beibu Gulf (Beihai) International Aquatic Products Fair, sponsored by the People's Government of Beihai, and taking place October 23-25.

There will be about 600 top fishery enterprises from domestic cities, HK, Taiwan and Macao, ASEAN, Japan and Korea represented. About 5,000 domestic and foreign visitors will participate in the fair. The region has been the aquatic center of China's Silk Road for more then 2,000 years of trading.

We will keep you posted...
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Friday, October 17, 2008

Beihai Port Unofficially Open (Oct. 17, 08)

Beihai Port Unofficially Open (Oct. 17, 08)

There was unofficial news today that Beihai Port has re-opened for 1.4G and 1.3G shipment. This is good news for both 1.3G as well as 1.4G companies, as it takes some of the pressure off of Shanghai port.

We would like to emphasize that the news is unofficial and bookings of 1.3G with Maersk (the only 1.3G carrier to USA) have not resumed yet as of today. We hope that an official announcement will be made today or tomorrow and that bookings with 1.3G Steam Ship Lines will resume for the next available sailing dates.

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Tuesday, October 7, 2008

Beihai port temporarily closed to fireworks

Beihai port temporarily closed to fireworks.

Notice

To: All Cargo /Shipping Agents

This is to certify that recently, local Security and Inspection Buurea, State Security and Inspection Bureau and other relavent functional department inspected our port's security work,especially fireworks and firecrackers security and deems that the software methods and hardware equipments of our port's fireworks and firecrackers security is not up to requirements so that we have to stop fireworks and firecrackers shipment to make changes and improvements. We will stop handling fireworks and firecrackers in our port as from today.

Bei Hai Port Container Development Company

Oct 7th, 2008


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Beihai port re-opened this past month and local Beihai trading companies were shipping, however no transportation permits were being issued from Hunan to Beihai. We have been expecting the transport ban to be lifted each day for the past several weeks, but until today there was no good news.

Today, we got some worse news. The entire Beihai port has been shut down to fireworks. One unconfirmed story is that the Guangxi government came to inspect the port today with the intention of opening up transport permits from Hunan, unfortunately, they found that one of the Beihai companies was shipping their product manufactured in Hunan into Beihai with-out a transportation permit.

Because of this breach, the entire port was shut down. It is not expected that the port will be shut for long, however, it is still not clear what needs to happen in order for Beihai to begin accepting shipments from Hunan. This is another significant setback for 1.3G shipping.

Shanghai port is accepting 1.3G cakes, but only to Europe. In other news there was a fatal accident at a Shanghai display this past weekend. One technician was killed while preparing shells for the evening display when a ignition occurred while he was working in the back of a truck. So far, this accident has not had any negative impact on shipping from Shanghai. This is critical as Shanghai is the last port accepting any fireworks.
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