China to impose export duty tariff on energy intensive products
According to Vice Commerce minister of China,the country will impose an export tariff on highly energy-consuming products as part of an effort to curb the rapidly increasing trade surplus He said that China will also put restrictions on exporting contaminated and energy-intensive products and encourage exports of high-tech equipment and consumer goods.
The vice minister also said that decelerating the growth of the trade surplus is the Chinese government's major mission and long-term task.
The Chinese government has decided to completely withdraw or reduce tax rebates for more than 2,800 export items from July 1, in the latest move so far to control exports since it joined the WTO 2001, according to an announcement released by the Ministry of Finance in late July. According to the Ministry the rebate on export tax of enenrgy intensive products eg non ferrous metals, cement & fertilizes will be withdrawn.
According to Yao Jingyuan, chief economist for the National Bureau of Statistics, China's trade surplus for the first six months of this year is expected to exceed USD 100 billions.
« Back
|