China to raise export taxes on coking coal, steel
China will increase export taxes on coking coal and some varieties of steel, besides introducing such taxes on other types of finished products.
By PTI |
NEW DELHI: China will increase export taxes on coking coal and some varieties of steel, besides introducing such taxes on other types of finished products, a move that could create serious problems for coking coal-starved domestic steel industry.
"China will impose or raise export duties on products including wood pulp, coke, alloy steel, steel billets, and some finished steel products in 2008, the Ministry of Finance (MOF) announced on Friday. The move aims to rein in the rapid expansion of the industries that consume more energy and discharge more pollutants," according to a China's Commerce Ministry statement.
The announcement made on December 21 confirms rumours that Beijing is planning further measures to curb exports of high polluting and resource-intensive steel products.
Although India does not import steel directly from China, certain Chinese varieties of the alloy make way into India through other countries due to lower prices, sources said.
"China will next year levy lower temporary import duties on more than 600 kinds of products including crude oil, coal, key equipments and component parts, doubling the figure of last year, amid efforts to trim the trade surplus and optimise economic structure," the statement said.
The ministry also said China will impose special preferential tariffs on some exports from 39 African, Southeast Asian and Middle East nations.
The ministry added the nation's general tariff level for 2008 will be held at 9.8 per cent, with the tariff level for farm produce would be at 15.2 per cent and that for industrial products at 8.9 per cent.
"China will impose or raise export duties on products including wood pulp, coke, alloy steel, steel billets, and some finished steel products in 2008, the Ministry of Finance (MOF) announced on Friday. The move aims to rein in the rapid expansion of the industries that consume more energy and discharge more pollutants," according to a China's Commerce Ministry statement.
The announcement made on December 21 confirms rumours that Beijing is planning further measures to curb exports of high polluting and resource-intensive steel products.
Although India does not import steel directly from China, certain Chinese varieties of the alloy make way into India through other countries due to lower prices, sources said.
"China will next year levy lower temporary import duties on more than 600 kinds of products including crude oil, coal, key equipments and component parts, doubling the figure of last year, amid efforts to trim the trade surplus and optimise economic structure," the statement said.
The ministry also said China will impose special preferential tariffs on some exports from 39 African, Southeast Asian and Middle East nations.
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The ministry added the nation's general tariff level for 2008 will be held at 9.8 per cent, with the tariff level for farm produce would be at 15.2 per cent and that for industrial products at 8.9 per cent.
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