Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
China cuts, ends export tariffs on grain, other products
Adjust font size:

China will abolish export duties on some grains and industrial products and cut the duties for chemical fertilizers and nonferrous metals from July 1 to promote exports, the Ministry of Finance said in a statement Monday.

The Customs Tariff Commission of the State Council will eliminate the export tariffs for wheat, rice, soybeans, vitriol and steel wire. Grains are now subject to a 3-percent export levy.

Special export tariffs of 50 percent on chemical fertilizer and fertilizer raw materials including yellow phosphorus, phosphate rock and phosphoric acid are expected to be canceled.

Export duties for some nonferrous metals including molybdenum, tungsten and indium will be halved to 5 percent, the statement said.

The move follows several increases in export tax rebates to support overseas sales amid the global downturn. Since last August, China has increased export tax rebates seven times.

Exports fell 26.4 percent in May from a year earlier to 88.758 billion U.S. dollars, following a decline of 22.6 percent in April.

Exports in the five months to May totaled 426.14 billion U.S. dollars, down 21.8 percent.

(Xinhua News Agency June 22, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Comment
Pet Name
Anonymous
China Archives
Related >>
- Forex regulator encourages China's 'capital export'
- Market risks moving down as export rebound not seen
- FTAs may help offset falling export revenue
June 7 Tokyo 2nd China-Japan High-Level Economic Dialogu

June 30 Shanghai 2009 Automotive Engine Technology Seminar

July 3-4 Beijing Global Think Tank Summit
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?