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The export tax rebate rate for key technical equipment products has been raised from 13% to 17%, marking a 4 percentage point increase. This adjustment is expected to significantly boost company revenues and profits, while also enhancing the global competitiveness of China’s equipment manufacturing sector. It will help narrow the gap with international industry leaders and support the long-term development of the domestic machinery industry.
Industry insiders view this move as a substantive policy measure following major initiatives like the "Eleventh Five-Year Plan" and the State Council's "Several Opinions on Accelerating the Revitalization of Equipment Manufacturing Industry." Companies with strong R&D capabilities and innovation power are now better positioned to expand into international markets.
The recent policy updates clearly indicate that the equipment manufacturing sector will receive continued support in terms of capital and taxation. For instance, the export tax rebate rate for solar water heaters, wind turbine generators, and machine tools used for hard materials has been increased to 17%. This refinement in export policies is expected to enhance the competitiveness of key sectors such as shipbuilding, machine tools, and energy equipment.
According to data from the China Machinery Industry Federation, the sector exported $65.286 billion in the first half of the year, representing a 36.15% year-on-year increase. Several sub-sectors, including construction machinery, saw double-digit growth, with the highest being 68.63%. Since 2004, many heavy machinery products have already benefited from a 17% tax rebate, which has supported their international expansion.
In the appliance industry, exports reached $16.821 billion, up 36.86% compared to the previous year. The recent increase in tax rebates for generator sets, motors, and internal combustion engines is expected to further stimulate exports of competitive products, benefiting a wide range of manufacturers.
Despite lagging behind developed countries in high-end technology, Chinese machinery products offer clear cost advantages in the mid-to-low end market, providing significant export potential. Construction machinery, for example, saw over 15% year-on-year growth in exports during the first half of the year. Some listed companies, such as G Liugong, reported explosive export revenue growth, with one company achieving a 275% increase.
However, rising raw material prices have somewhat constrained profit growth. Industry experts note that the appreciation of the renminbi and intense competition have put pressure on export margins. The higher tax rebate rate helps alleviate some of this pressure.
Analysts at Orient Securities highlighted several listed companies that stand to benefit, including G Zhenhua, G Heli, G Shen, G Qin Development, G Taizhong, and G Beizhong.
It should be noted that the current export structure of the machinery industry remains imbalanced. While high-tech and high-value-added products are growing, labor-intensive and low-value goods still dominate. Increasing tax rebates on advanced products could encourage a more balanced and sustainable export structure.
Moreover, the development of key equipment industries will drive growth in upstream and downstream sectors. Raw material industries, such as high-end steel, non-ferrous metals, and new chemical materials, are likely to see increased demand. Companies like G Baosteel, G Angang, G Taigang, G Wugang, G Sanhuan, G Baoji Titanium, and G Hashantungstung may benefit from this trend.
October 04, 2025