Estimating the repercussions from China's export value‐added tax rebate policy*
利用2003-2012年中国329个城市的产品层面数据，研究发现出口增值税退税每降低1%，城市层面合格出口额相对增加7.2%，主要通过调整出口数量和出口市场数量实现，而平均出口单价不变。
Abstract Our study shows that China's export value‐added tax (VAT) rebate system is a major industrial policy that affects its exports. We use export data at the HS6 product level for a panel of 329 Chinese cities over the 2003–2012 period to assess how changes in the export VAT tax have affected China's export performance. We consider different trade margins in terms of volumes, prices, and the number of countries served. To counter endogeneity, we exploit variations in the expected impact of the export VAT rebates by trade regime, which come from an eligibility rule disqualifying certain export flows from the rebates. Our results suggest that a 1 percent decline in the export VAT tax leads to a 7.2 percent relative increase in eligible export values at the city level. This effect is due to an adjustment of quantities and the number of foreign markets served while the average unit values of exports remain unchanged.