Abstract On January 21st, at the regular press conference held by the Ministry of Commerce, Shen Danyang, a spokesperson for the Ministry of Commerce, said that according to the changes in the development of domestic and foreign markets, the Ministry of Commerce decided to adopt January 1, 2015. The day began to cancel the management of rare earth export quotas,...
On January 21, at the regular press conference held by the Ministry of Commerce, Shen Danyang, a spokesperson for the Ministry of Commerce, said that according to changes in the development of domestic and foreign markets, the Ministry of Commerce decided to adopt the approval of the State Council from January 1, 2015. Started to eliminate rare earth export quota management and retain export tariffs until May 2, 2015. In other words, starting from May 2 this year, China will cancel the export tariffs on rare earths. Although the industry has long predicted that it will cancel the export tariffs on rare earths, it did not expect the speed to be so fast. With regard to the abolition of rare earth export quotas and the elimination of rare earth export tariffs, Shen Danyang said that this is a specific trade policy choice for coordinating domestic and foreign markets and resources, and is in line with the reform of domestic rare earth and other resource products management systems. The measure is also a policy adjustment that takes into account the implementation of relevant WTO decisions.
Cancel export tariffs or curb smuggling
The rare earth export tariffs will be cancelled on May 2 this year. The stock price of the rare earth permanent magnets listed companies in the secondary market has already reacted, sweeping away the haze of the previous few days.
For the rare earth export restriction system or will be canceled, some analysts believe that this means that the rare earth export will fully realize market-oriented management. However, China's future management of the rare earth industry will be fully implemented in domestic management. However, the time left for the country to rectify the rare earth industry is only half a year. The blackout, resource tax reform, improvement of environmental protection and effective storage and storage will become the next focus.
Since 2011, China's rare earth industry has undergone four years of adjustment, and it has already had the basis of the bottom of the cycle. At present, the price has fallen to the bottom of the industry confirmation, and the inventory is small, which cannot be the decisive factor for suppressing prices. Factors, in addition to rare earth blackening continues, and some areas have significant effects. The above analysts believe that the forced suspension of exports under China's WTO [microblogging] will be regarded as a landmark event in China's rare earth industry, which will accelerate the reform of management systems for resource products such as rare earths, or re-emphasize refinement of rare earths for senior government officials. The opportunity of the industry will enhance the strategic position of the rare earth industry in the country.
Before the review, due to the existence of export quotas, many enterprises have difficulty obtaining export quotas, and smuggling has become their means. Although many ministries have jointly controlled, this phenomenon has not been eradicated. According to statistics, in 2001, overseas rare earth import statistics were 1.2 times that of China's export statistics, which means that the smuggling of rare earths accounted for 120% of normal exports. Therefore, some insiders predict that if export quotas and export tariffs are cancelled, the smuggling of rare earth will be curbed to some extent.
In this regard, Tu Xinquan, executive director of the China World Trade Organization Research Institute of the University of International Business and Economics, believes that after the cancellation of export quotas, the private ownership of rare earths has been greatly reduced. "After all, as long as there is a buyer and a contract to get a rare earth export license, you can engage in rare earth exports."
More analysts bluntly said that China currently sets the export tariff for light rare earth products at 15% and the export tariff for heavy rare earths at 25%. Under the circumstances that export quotas have been abolished and export tariffs have not been abolished, rare earth smuggling is still profitable. If the rare earth export tariffs are also abolished, the smuggling of rare earth profits will be greatly reduced and there is a greater risk. At that time, enterprises will naturally turn to formal channels, and the phenomenon of rare earth smuggling may disappear.
Resource tax will be adjusted after tariff cancellation
It is worth noting that since the export quota has been abolished and the export tariff is about to be abolished, will there be a large loss of rare earth resources in China?
For the above speculation, the industry generally believes that if the export tariffs are cancelled, then the rare earth resource tax will certainly be adjusted. Since April 2011, China has implemented a new tax on rare earth resources. According to the original ore, the resource tax of the northern mine is 60 yuan/ton, and the resource tax of the southern mine is 30 yuan/ton. The previous standard was 0.5 yuan/ton. 3 yuan / ton. According to market sources, the taxation method for rare earth resources will be changed from “quantitative levy†to “ad valorem levyâ€. The northern light rare earth resource tax rate will be calculated according to 22%, and the southern ion mine will be calculated according to 35%. According to industry insiders, the resource tax is calculated at the rate of 22% and 35%, which coincides with the rate of rare earth export tariffs. “The country is likely to offset the impact of tariff elimination through resource tax reform.†There have been many analysts. If it is to reporters.
Du Shuai Bing, an analyst of Baichuan Information Rare Earth Industry, said: "From a national strategic point of view, on the one hand, the country does not want to reduce the price of rare earths too low. On the other hand, the country always wants to grasp the pricing power of rare earths. The possession of rare earths remains in China."
"However, the replacement of export tariffs by resource tax adjustment is only one direction, because from the fundamental goal of restricting the export of rare earths, it is necessary to protect the environment and protect resources. Since it is necessary to control production, it is necessary to control production, not to control trade. Fundamentally." A related person from the Rare Earth Society told reporters.
However, although the rare earth resource tax may be the general direction instead of the export tariff, it is difficult to completely control the taxation in the rare earth mining sector. Therefore, the replacement of domestic resource tax tariffs will be a gradual process. In the view of Chen Zhanheng, deputy secretary general of China Rare Earth Industry Association, in the short term, the price of rare earth will not be greatly affected after the policy is liberalized, because the export price itself is determined by the relationship between supply and demand.
"In theory, in order to raise prices, it is okay to transfer tariffs to resource taxes, but in reality, due to the serious illegal mining, China needs to further strengthen the orderly management of rare earth resources development. To stabilize rare earth prices and regulations The key to managing rare earth mining is whether various relevant laws, including the environmental protection law and the mineral resources law, can be strictly implemented.†Chen Zhanheng once said.
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