Tariffs adjusted to promote restructuring
- Source: Global Times
- [01:03 December 16 2009]
- Comments
By Cong Mu
China will temporarily impose low import tariffs on more than 600 commodities in 2010, including coal, naphtha and phosphate ore, the Ministry of Finance (MOF) announced Tuesday.
The ministry said in a statement on its website that the targeted commodities include natural resources products, key components for optic communications, public health products, consumer products and advanced machines.
Meanwhile, the MOF will maintain high export tariffs on energy-intensive and resource products, such as crude oil, rare earths, pulp and billet, the production of which has an adverse impact on the environment.
The ministry did not give details. Lin Guijun, deputy principal of the University of International Business and Economics, said that the adjustment will help the country's industry restructuring by using more foreign resources, encouraging the importing of advanced technologies, and reducing burdens on the environment.
Li said maintaining high export tariffs will reduce pressure on the appreciation of the yuan, as less exports means less current account surpluses.
From January to November, the country recorded an aggregate export value of $1.1 trillion, down 18.8 percent from the same period last year, according to the General Administration of Customs.
Meanwhile, its trade surplus decreased to $178 billion, down 30.6 percent year-on-year.
The MOF also said the government will further lower import tariffs on six commodities, including fresh strawberries, from January 1, a final move to honor the commitments of cutting tariffs it made upon joining the World Trade Organization in 2001.
But it gave neither the names of the other five commodities nor tariff rates on the six commodities. The general tariff level would be left unchanged at 9.8 percent next year, the same as the previous three years, said the statement.
The limited scope and margin of lower tariffs was the reason the general tariff level was left unchanged. China's general tariff level stood at 15.3 percent in 2002.
Agencies contributed to this story
