China's VAT refunds for exporters reached $318.2 billion last year

According to a report by The New York Times on October 6, China's value-added tax refunds for exporters reached $318.2 billion last year, equivalent to 1.5% of GDP; the renminbi depreciated by more than 14% from the start of 2022 after inflation adjustment, and the export model has intensified friction with trading partners.

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2026-10-06 13:49 · 10月6日，《纽约时报》报道，中国靠出口退税与人民币贬值维持出口增长，加剧与欧盟等贸易伙伴摩擦，弱汇率与退税也推高进口成本、加重财政压力。

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This event China's VAT refunds for exporters reached $318.2 billion last year 2026.10.06 · Reported

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Sayings · 2026-10-06 13:41 On October 6, The New York Times reported that China relies on export tax rebates and a weaker yuan to maintain export growth, intensifying friction with trade partners such as the European Union; a weak exchange rate and tax rebates also push up import costs and increase fiscal pressure.

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