Import tariffs slashed
By Richard Fu |
June 26, 2011, Sunday
|
Print Edition
Print Edition
China will slash import duties on some energy products and raw materials from next month in a bid to boost domestic supply and balance its trade, the Ministry of Finance said.
The import tariffs on diesel and jet kerosene will be removed while duties for gasoline and fuel oil will be lowered to 1 percent, effective on July 1, the ministry said on its website Friday.
"Lower tax on diesel and gasoline could help ease shortages and help reduce the so-called imported inflation for China, though its exact impact remains to be seen," said a Shanghai-based analyst. "And lower duty on jet fuel will sure help airlines especially at a time when they are competing with the nation's fast-expanding high-speed railways."
The ministry's latest tariff reduction covers 33 items, which also include zinc ingots and nickel scrap, textiles and cotton fabrics.
The cuts aim to increase imports of such key resource-based products, ease the trade imbalance, and boost emergency reserves of certain disaster-relief products, the ministry said.
The import tariffs on diesel and jet kerosene will be removed while duties for gasoline and fuel oil will be lowered to 1 percent, effective on July 1, the ministry said on its website Friday.
"Lower tax on diesel and gasoline could help ease shortages and help reduce the so-called imported inflation for China, though its exact impact remains to be seen," said a Shanghai-based analyst. "And lower duty on jet fuel will sure help airlines especially at a time when they are competing with the nation's fast-expanding high-speed railways."
The ministry's latest tariff reduction covers 33 items, which also include zinc ingots and nickel scrap, textiles and cotton fabrics.
The cuts aim to increase imports of such key resource-based products, ease the trade imbalance, and boost emergency reserves of certain disaster-relief products, the ministry said.
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