China Removes Export Taxes on Series of Products

     BEIJING (MNI) - The Chinese government announced Friday that it would

remove export tariffs on a series of products, including rolled steel and

chlorite, starting January 1.

     In addition, China will reduce export taxes of other products, including

the fertilizer compound NPK, apatite, coal tar, wood chips, and ferrochrome

silicon, the Ministry of Finance said in a statement on its website. 

     The reduced tariffs are intended to boost the development of domestic

industries and their exports, the ministry said.  

     Earlier this month, the Chinese government said it would reduce import

tariffs on a number of consumer products including cosmetics and milk products.

     More adjustments to China's import and export tariffs on thousands of items

would be made in 2018, the ministry said.  

     "The adjustment of import taxes in 2018 will continue to support

development driven by innovation and supply-side structural reform and will help

encourage imports of advanced facilities, key components and raw energy

materials most needed by the domestic market," the ministry said. 

     Under the new tax scheme, products such as X-ray photographic system flat

panel screens and advanced raw medical materials would benefit from reduced

import tariff rates.

     However, the import tax rate on nickel ingot would be increased to help

control the economy and to take account of changes in the domestic and

international markets. The ministry did not indicate how large the hike would

be.

     The ministry will reduce products imported from free-trade zones in

countries which have signed free-trade zone agreements with China - such as

Association of Southeast Asian Nations, Pakistan, South Korea, Ireland,

Switzerland, Costa Rica, Peru, Australia and New Zealand.

     Tariff reductions would also occur in China's trade with Singapore and

Chile.

     From July 1 next year, China will launch the third tariff cuts on

information technology products, according to the statement.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com

--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com

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