It's reported that during an official forum, China Machinery Industry Federation has suggested the Ministry of Industry and Information Technology to raise the export tax rebate of fastener from current 5% to 13%, aiming to help the fastener industry go through the current development plight.
The export tax rebate of fastener industry was adjusted down from 13% to 5% since July 1, 2007.
However, the production and operation costs keeps rising, which compress further the thin profit margins of the industry.
Especially this year, due to the changes in the international market, both export volume and price reduced sharply that deteriorated the industry's difficult situation.