China may announce VAT return policy for soybean meal

Introduction: Dow Jones news on July 24 predicted that China would soon announce an export tax rebate policy for soybean meal, which aims to strengthen the competitiveness of Chinese soybean meal in the international market and promote the sales of Chinese soybean meal However, due to the tight supply of soybeans, this policy of trying to increase soybean meal exports may not have much impact Although there was news on the market at the beginning of this year that the Chinese government intended to implement a tax rebate policy on soybean meal exports to encourage exports, at present, the Chinese government has not officially announced this policy At present, it is almost certain that soybean meal exports will increase, because the new policy is only a step away from formal implementation In the past, because soybean meal was regarded as an agricultural product, exporters could only get 5% export tax rebate But after the policy change, as soybean meal is defined as an industrial product, exporters can get 13% tax rebate However, some traders are not optimistic about the prospect of soybean meal export High soybean meal prices in the domestic market have hindered China's ability to export soybean meal to neighboring countries because domestic crushers still lack soybean supply Chinese soybean meal prices have fallen rapidly since China began importing soybeans in early June The price of soybean meal in Shandong Province, the main soybean meal producing area, once dropped to 1620 yuan per ton But since then, soybean meal prices have greatly recovered, with domestic production of soybean meal reported as of Tuesday between 1940 and 1950 yuan per ton (ex factory) According to the national grain and oil information center, China's soybean meal export is expected to reach 400000 tons in 2002-03 market year, compared with 900000 tons in 2001-02 The U.S Department of Agriculture estimates that China's soybean meal exports will be 800000 tons in 2001-02, compared with 350000 tons in 2002-03.