Changes on China export tax/rebate on goods

Taxes/rebates play an important part in whether sales or exports of goods are profitable and profit by how much. It can promote and break an industry/company especially if it is in its infant stage. This type of government policy changes make valuation more difficult and fair price less predictable.

China is going to change its export tax rebate on goods (again).

国务院关税税则委员会关于调整出口关税的通知:
website
Attached in the website are 2 PDF files showing details of the change, effective on 1 December, 2008.
Excerpt: (Refer to above 2 PDF files for details)
…
一、取消部分产品的出口关税或特别出口关税，主要包括冷热轧板材、带材、钢丝、大型型钢、合金钢材、焊管等钢材产品；硝酸铵、硫酸铵等化工产品；玉米、杂粮及其制粉等粮食产品，共计102项产品。
　　二、降低部分产品的出口关税，主要包括部分化肥及其原料、部分铝材以及小麦、大米及其制粉等，共计23项产品。降低氮肥、磷肥等及其部分原料的特别出口关税，共计31项产品。
　　三、调整尿素、磷酸一铵、磷酸二铵等化肥产品的淡季出口关税征收方式。调整粉末状天然石墨等3项产品的应税产品范围。
　　四、提高磷灰石和硅等5项产品的出口关税。
　　五、新增对部分产品征收出口关税，主要包括天然硫酸钡、非纯氧化镁、滑石、棕刚玉、四氧化三钴以及氟化物等，共计15项产品。
　　对出口至香港、澳门和台湾地区自用的原粮及其制粉，继续不征收出口关税。对我国对外无偿援助的粮食，免征出口关税。

website
Excerpt:
通知明确了3770项提高退税率的商品的具体范围，主要内容如下：将轮胎等部分橡胶制品、主体或全部以人工速生材为原料的部分林产品的退税率由5%提高到9%；将金属挤压用模等部分模具、玻璃器皿的退税率由5%提高到11%；将冻对虾仁、冻蟹等部分水产品的退税率由5%提高到13%；将箱包、鞋、帽、伞、家具、寝具、灯具、钟表等商品的退税率由11%提高到13%；将牙膏等部分化工产品、石材、铝板带等有色金属加工材等商品的退税率分别由5%、9%提高到11%、13%；将农用泵、摩托车、自行车、家用电器等部分机电产品的退税率分别由9%提高到11%，11%提高到13%，13%提高到14%。

Wow..3770 types of goods !

G20 Leaders Summit on Financial Markets and the World Economy

Found on website of "G20 Information Centre": the "Documents and Declarations G20 Leaders Summit on Financial Markets and the World Economy November 14-15, 2008, Washington DC" and other related documents.
Link

The "Declaration of the Summit on Financial Markets and the World Economy" is available inside.

It is a great read, particularly the "Common Principles for Reform of Financial Markets" and its more detailed "action plans" part.

Its timeline: Immediate Actions by March 31, 2009; Medium-term actions.
Its "common principles for reform":
1. Strengthening Transparency and Accountability
2. Enhancing Sound Regulation
3. Promoting Integrity in Financial Markets
4. Reinforcing International Cooperation
5. Reforming International Financial Institutions

There will be lots of new regulations and standardizations, in global scale, provided a consensus can be reached.

Some of the international bodies/"guidelines" etc. that are mentioned in the documents may worth a search or understanding to get a glimpse on the future "world financial order" will be (however, the list below is not exhaustive):

• IMF, World Bank and other multilateral development banks (MDBs)
• Financial Stability Forum (FSF)
• World Trade Organization (WTO)
• WTO's Doha Development Agenda
• Millennium Development Goals
• development principles agreed at the 2002 United Nations Conference on Financing for Development
• Financial Sector Assessment Program (FSAP)
• Credit Ratings Agencies
• Basel Committee
• Financial Action Task Force
• World Bank - UN Stolen Asset Recovery (StAR) Initiative
• Organization for Economic Cooperation and Development (OECD)
• Bretton Woods Institutions
  
  Other more general information on G20:
  website

list of good investment/business books

I always wish to compile a list of great investment/business books (at least those that I think are good) and encourage reading of those books. Better if it can be linked to online available book reviews, excerpt, content, pdf files etc..

It is again 80/20 rule: get the classics that really matters.. 20% of books covering 80% of important investment/business ideas.

Wonder whether there is an efficient/effective way of doing it.
I am trying to compile list of great investment/business books using Amazon’s "My favourites".
Will put the "My favourites" on the sidebar.
I may write some comments or blog entries in the future..

Tell me if there are other better ways.

Fiscal stimulus packages (1) - China

As there is a great possibility of recession spreads globally, many countries are having their own fiscal stimulus packages to encourage internal needs (since export will be harder) and promote economy growth.

I hope government will take this opportunity to really improve infrastructure (for examples utilities, transport, medical, education etc. ), especially for rural areas and set the stage to reduce poverty.

We can get useful information from the stimulus packages. Hopefully, we will have a glimpse of how government spending will trickle down and on what "pathway".

China’s 10-point fiscal stimulus package:
中国出台扩大内需促进经济增长十项措施
website

How big is the stimulus package ?
Excerpt:
到2010年底约需投资4万亿元。
今年四季度先增加安排中央投资1000亿元，
明年灾后重建基金提前安排200亿元，带动地方和社会投资，总规模达到4000亿元.