Top 10 News on China Rubber Industry in 2018 - No. 5: A Number of Preferential Policies Were Introduced and the Industry Enjoyed the Bonus

In 2018, the international trade environment faced many uncertainties. For this reason, the country has introduced a number of policies to help enterprises reduce costs and increase profits. On September 5 and October 22, the Ministry of Finance and the State Taxation Administration issued two notices to increase the export tax refund rates for some products from November 1, 2018. Hereinto, the export tax refund rates for tire, rubber tube & belt, rubber product and other products were increased from 9% to 13%, and the export tax refund rates for natural rubber, synthetic rubber and other raw materials were increased from 5% to 10%. On September 20, the Ministry of Finance, the State Taxation Administration and the Ministry of Science and Technology jointly issued a notice: during the period from January 1, 2018 to December 31, 2020, the weighted pre-tax deduction percentage of research and development expenses of enterprises increased by 25%, supporting enterprises to increase investment in R&D, and the rubber enterprises also enjoyed the policy dividend. On October 29, Shandong Province issued the Implementation Plan for Accelerating the High-Quality Development of Seven High Energy-Consumption Industries, and would promote the survival of the fittest and transformation & upgrading of the tire industry based on indicators such as energy consumption, efficiency, per-mu contribution, technical evaluation, and quality standards.