China levies anti-dumping tax on imported phenol

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Last updated at: (Beijing Time) Sunday, February 01, 2004

China levies anti-dumping tax on imported phenol

China on Sunday began levying anti-dumping tax on imports of phenol, a wildly used chemical component produced in Japan, the Republic of Korea, the United States and China's Taiwan Province.

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China on Sunday began levying anti-dumping tax on imports of phenol, a wildly used chemical component produced in Japan, the Republic of Korea, the United States and China's Taiwan Province.

The Ministry of Commerce (MOC) said in its final verdict issuedon Sunday that antidumping investigation found that dumping did occur and caused substantial damage to the mainland's industry.

The MOC verdict required importers of such products to pay tax ranging from three percent to 144 percent, depending on the dumping degree of the manufacturers, to Chinese Customs for five years.

China initiated the investigation in August 2002, and extended the scheduled one-year investigation for another half year until February 2004.

China took temporary anti-dumping measures against the chemicalbeginning June 9, 2003, requiring the importers to pay cash deposits to Chinese Customs ranging from seven percent to 144 percent according to dumping profit margins.

Source: Xinhua

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