The Ministry of Finance and the State Taxation Administration recently issued a notice adjusting the export tax rebate policy. According to the notice, export tax rebates for aluminum products, copper products, and chemically modified animal, plant, or microbial oils and fats have been canceled. The export tax rebate rates for certain refined oil products, photovoltaic products, batteries, and some non-metallic mineral products have been reduced from % to %. This notice will take effect starting from [month] [year].

Analysts point out that the global economic recovery is slow, external demand is weak, international trade frictions are intensifying, and China's exports are facing significant pressure. In this context, adjusting export tax rebate policies can help guide enterprises to adjust their business strategies according to market conditions, thereby enhancing their competitiveness in the international market.

At the same time, some industries such as photovoltaics and batteries already possess strong international competitiveness. Reducing their export tax rebate rates has relatively minor impacts on these industries, and can also encourage enterprises to eliminate outdated production capacities, increase investment in technological innovation and industrial upgrading, promote high-quality economic development, and enhance China's position in the global value chain.

Regarding the subsequent impact, Guojin Securities' research report stated that the cancellation of export tax rebates has a limited impact on copper consumption; the price gap between domestic and international markets and the insufficient overseas aluminum processing capacity are expected to restore profitability for aluminum exports, with cost increases being passed on to downstream overseas markets. The policy is expected to drive the industry's healthy development, encourage overseas markets to pay for upstream energy costs, and counterbalance unreasonable trade barriers abroad, thereby enhancing the value of the processing industry. The cancellation of export tax rebates does not alter China's long-term export advantages in copper and aluminum materials.