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China to suspend some customs charges in Q4

(Global Times)

08:23, September 28, 2012

China said it will suspend administrative customs fees for the rest of this year, in a move to help exporters and importers weather the global economic slowdown.

From October 1 till the end of 2012, all goods coming in and out of China, as well as vehicles carrying them, will be free of inspection and quarantine fees, the Ministry of Finance (MOF) said in a statement released Thursday.

China will also abolish customs supervision charges from October 1 onwards, according to the statement, date-stamped September 18.

The move could save Chinese firms about 3.5 billion yuan ($555 million), domestic media reported, citing estimates from the MOF.

Rates for customs supervision charges vary from 0.1 percent to 0.3 percent of the value of the goods.

Quarantine fees range from 0.05 percent to 0.5 percent of the value of goods and some are charged based on volume rather than value. The total value of goods inspected and quarantined in China in the first half of 2012 was $793.4 billion.

China has already rolled out a slew of measures to help its exporters and importers facing the stronger-than-expected external headwinds, including easier access to loans and faster refunds on tax rebates.

Chinese imports fell 2.6 percent in August from a year earlier and exports rose only 2.7 percent, both missing investor expectations.

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