China to raise export tariffs and lower import duties from June
POSTED: 8:37 a.m. EDT, June 1,2007
CHINA plans to introduce additional extra export tariffs, while reducing import duties to narrow its widening trade surplus, starting in June.
China's trade surplus in April more than doubled from a month earlier to US$16.88 billion, Xinhua reports, citing figures from China's General Administration of Customs.
Additional export tariffs will be levied on 142 highly polluting, resource and energy intensive products, while import tariffs on 209 products will be temporarily lowered to boost the import trade, the report said.
China will impose five to 10 per cent export tariffs on 80 steel products, including steel wires, sheets and plates. It will also raise export tariffs from 10 per cent to 15 per cent on primary commodities, including steel billets, steel ingots and pig iron.
The move is expected to rein in the growth of high polluting energy guzzlers and the export of resources.
Import tariffs on coal and fuel oil will not exceed three per cent, while tariffs on imported component parts for televisions, refrigerators and machinery will be levied at between two and six per cent.
To boost consumption, China will also lower import duties on construction materials, electronic appliances, kitchenware, and baby food to between six and 17 per cent, said state media.
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