Rare earth export tariffs will be abolished from the next month, and the focus will shift to production.

On April 23, the Ministry of Finance issued the "Notice of the State Council Tariff and Tariff Commission on Adjusting Export Tariffs for Some Products". Since May 1, the export tariffs on steel granule powder, rare earth, tungsten, molybdenum and other products have been cancelled. In addition, the Ministry of Finance will implement zero tariffs on aluminum processed products from May 1st.

This time, the Ministry of Finance canceled the export tariff on rare earths or related to the failure of the WTO [microblogging] rare earth case. China has already cancelled the export quota of rare earths and controlled the total amount of rare earth mining. Jiang Yong, a researcher at the National Strategic Research Center, said in an interview with the Daily Economic News that the WTO rules were not formulated by us but by the West. "As for the rare earth case, you will be accepted if you want to join the WTO." His conditions. Although China now liberalizes the export tariffs on rare earths, it can still solve the problem of rare earths through market-based means, such as integration of industries, deep processing of rare earths, and raising the price of rare earth products.

Rare earth products export prices will decline

The export tariff adjustment table published on the Ministry of Finance website shows that the adjustment involves 94 kinds of export commodities, of which more than 90% of the goods “cancel the tariff”. The pre-adjustment tax rates range from 2%, 5%, 10%, 15% to 25%, and the rare earth metal tax rate is 25%.

At present, the export volume of tungsten and molybdenum products accounts for less than 10% of the total domestic production of tungsten and molybdenum. As a strategic resource, exports cannot be the main direction. Zhuo Ying analyst Guo Ying told the "Daily Economic News" reporter that the cancellation of export tariffs will promote tungsten and molybdenum exports to a certain extent, alleviating the pressure of domestic oversupply, but the current international demand for tungsten and molybdenum is still low and developed. The country's recycling rate of tungsten and molybdenum products has shown a significant growth trend, so the demand for tungsten and molybdenum imports is actually not significant.

The most important factor in this tax rate adjustment is the rare earth. At present, China's rare earth production accounts for more than 90% of global production, and it also supplies 90% of global rare earth demand. Previously, in order to protect rare earth resources, China's tariff management and export quota system management of rare earths, this approach attracted dissatisfaction in Europe and the United States.

Zhuo Jian, an analyst with Zhuo Chuang, told the reporter of "Daily Economic News" that after the elimination of rare earth export tariffs, the number of rare earth products exported and the number of enterprises participating in the project will increase simultaneously, the price of exports will decline, and the price of domestic rare earths will be short-term. There may be a certain increase within. Especially with the integration of rare earth industry, the management of “black rare earth” and the improvement of resource tax in the later period, the development prospects of the rare earth industry will improve, and the price will have certain room for improvement.

Looking at the price of rare earth will increase in the long run?

In fact, after the failure of the WTO rare earth case, the national level faced the rectification and regulation of the rare earth industry. In recent years, the government has been committed to the promotion of the strategy of the large rare earth group.

Zhang Wei, an analyst at Zhuo Chuang, believes that the elimination of mandatory administrative control will allow the market to accurately locate rare earth prices, thus ensuring effective management and healthy development of strategic rare earth resources. "Cancel export tariffs, rare earth export prices will fall sharply in the short term, which will help increase the export volume of rare earths, increase the competitiveness of China's rare earths, enhance the voice of China's rare earths around the world, and consolidate China's rare earth status. In the long run, At the strategic level, the state will introduce more policies to rectify the rare earth industry. In addition, the regulatory focus on the rare earth industry will shift to domestic production, and the price of rare earth will be raised by controlling the total amount of mining."

Zhang Wei said that in fact, China's cancellation of rare earth export tariffs and quotas is a policy adjustment made by the government after considering the multi-faceted factors after China's defeat, and it is also a market-oriented shift in China's rare earth products.

In addition, the Ministry of Finance will implement zero tariffs on aluminum processed products from May 1st. Zhuo Chuang analysis believes that this policy will reduce the export costs of domestic enterprises, but in the current market, it is of little significance. "The real boost in the aluminum market still needs to see demand."

In the first quarter, the net profit of state-owned enterprises fell by 8%.

On April 23, the Ministry of Finance released economic operation data of state-owned and state-owned holding companies. The data shows that the total operating income of state-owned enterprises in the first quarter of this year was 1,031.5 billion yuan, down 6% year-on-year; the total profit was 499.73 billion yuan, down 8% year-on-year.

According to the Ministry of Finance, in the first quarter of this year, the total revenue of state-owned enterprises expanded year-on-year. The total profit of the three major oil companies, including PetroChina, was affected by factors such as losses and profits, and the profits of transportation and power industries increased significantly. The tax payable increased slightly year-on-year. In addition, in the first quarter, the four industries of steel, nonferrous metals, coal and petrochemicals suffered losses.

It is worth mentioning that from January to March this year, the total operating cost of state-owned enterprises was 10034.55 billion yuan, a year-on-year decrease of 5.1%. As of the end of March, the total assets of state-owned enterprises were 105 trillion yuan, a year-on-year increase of 12%; the total liabilities were 68.6 trillion yuan, an increase of 11.9%; the total owner's equity was 369.91 billion yuan, a year-on-year increase of 12.2%.

According to statistics from the Ministry of Finance, from January to March, the profits of electronics, construction real estate, electric power, light industry and other industries increased significantly year-on-year; the profits of oil, building materials, chemicals and machinery industries decreased significantly year-on-year; steel, nonferrous metals, coal, Losses in industries such as petrochemicals.

Guan Qingyou, executive director of the China Minsheng Securities Research Institute [microblogging] told the Daily Economic News that the GDP in the first quarter of this year increased by 7% year-on-year, the lowest since the fourth quarter of 2008. Real estate sales and real estate construction have all experienced sharp declines, and foreign trade exports have also been affected. The steel, nonferrous metals, building materials and coal related to real estate and export industry chains are under pressure to destock, deleverage and de-capacity.

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