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China cuts tariffs to spur exports

(Xinhua)
Updated: 2009-06-22 20:24

BEIJING: 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.

Related readings:  China's May exports plunge 26.4%  Beijing may face WTO action on exports  China announces further support policies for exports  Tough situation makes full tax rebates for exports urgent  China hopes FTAs will help boost exports

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 US$88.758 billion, following a decline of 22.6 percent in April.

Exports in the five months to May totaled US$426.14 billion, down 21.8 percent.