China Drying Newsletter On January 1, the 3rd tax reduction was started on the Early Harvest Products List of the Trade Agreement on Cross-Strait Economic Cooperation (ECFA). At this point, the 806 items in the ECFA Early Harvest Plan have all been tax-exempt, covering products such as petrochemicals, machinery and electronics, rubber tires, and plastics.
According to the agreement, the scope of the exemption from this tariff includes: Taiwan exports to the mainland China Rubber tires, plastics and carbon blacks, etc. 30 petrochemicals, chemicals, machinery and other products, the mainland has 539 tax reduction products for Taiwan, involving petrochemical, machinery and electronics islands The 10 industrial products within. As a result, Taiwan has also achieved zero tariffs on all 267 products on the mainland.
The early harvest plan is an open measure to enable the people on both sides of the strait to enjoy the benefits of ECFA as soon as possible and to achieve liberalization of cross-strait economic relations. Since the implementation of the ECFA early collection list, it has played a positive role in promoting the development of the economy across the Taiwan Strait, especially Taiwan.
According to statistics from Taiwan's economic authorities, from January 2011 to October 2012, Taiwanese manufacturers have received a total of $551 million in tariff reductions and exemptions. According to news from Fuzhou Customs, in the first 11 months of 2012, Fujian Province imported ECFA early-income list products from Taiwan to grow rapidly, with a value of 454 million US dollars, an increase of 108.89% year-on-year; preferential tax relief of 228 million yuan, a year-on-year increase of 270.95 %. The main imported beneficiaries are plastic products, chemicals and mechanical and electrical products. Thanks to the early collection list of ECFA, the contribution rate of SMEs to the growth of cross-strait merchandise trade accounted for almost 80%.
The greater significance of the ECFA early-income list is that it promotes the integration of cross-strait industries and achieves a greater degree of cross-strait economic complementarity and mutual benefit. At present, both sides of the strait focus their future economic development on emerging industries, which will bring new major opportunities for economic cooperation across the Strait. Take the new energy industry as an example. At present, the average cost of cross-strait new energy industry varies by 10% to 15%. Taiwan’s economic authorities have publicly hoped to reduce costs through cooperation between the two sides of the new energy industry. This is a new energy industry for the two sides of the strait. Based on the original cooperation, we will continue to explore new concepts of cooperation and re-division of work in the industry chain. Strive to build cross-strait cooperative products in a short time is an excellent opportunity.
Taiwan has a leading level in R&D and manufacturing of new energy. According to the current reality, the industry believes that both parties can give priority to in-depth research and cooperation in the fields of new energy vehicles, wind power equipment manufacturing, and photovoltaic product manufacturing, from the current industrial chain. The "complementary advantages" on the "as soon as possible" is upgraded to "collaborative innovation", and the enterprises on both sides of the strait promote the rapid growth of the new energy industry across the Taiwan Strait on the basis of "improving the industrial chain, adjusting the supply chain, and enhancing the value chain."
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