China adjusts export, import duties to narrow trade imbalance

China's Ministry of Finance said Monday the country will impose extra export tariffs, while cutting import duties as of June 1 to narrow its widening trade surplus.

The ministry said a total 142 low-end and resource products will be hit with additional export tariffs.

The country will impose five to 10 percent export tariffs on more than 80 steel products, including steel wires, sheets and plates, said the ministry.

It will also raise the export tariffs from 10 percent to 15 percent on primary commodities, including steel billets, steel ingots and pig iron.

The Ministry of Finance said the move will help rein in the growth of the high polluting energy guzzlers and the export of resource products.

To encourage import, China will lower import tariffs on 209 products on a temporary basis, including resources products and key component parts, according to the ministry.

Import tariffs on coal and fuel oil will not exceed three percent, while tariffs on imported component parts for televisions, refrigerators, and machineries will be levied at between two and six percent.

To boost consumption, China will also lower import duties on construction materials, electronic appliances, kitchen ware, and infant food to between 6 and 17 percent.

China's trade surplus in April more than doubled the figure of March to 16.88 billion U.S. dollars, the General Administration of Customs said on May 11.

To curb its fast growing trade surplus, China also scrapped or lowered exports tax rebates on a large number of low-end products.

Source: Xinhua



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