Import tax on 7 textile machinery components lowered
Source: CCPIT TEX Date: 2006-11-02
According to the lasted announcement of the Ministry of Finance on import and export tariff, starting from November 2006, the export duty of crude oil, coal and other energy products (4 items in total) is to increase 5 percent.
The import duty of coal, diesel oil, oxidized aluminum and other products (26 items in total) will be lowered from 3-6 percent to 3-200 percent.
The move is aimed at encouraging resources import and limiting raw material export. It symbolizes that China has made a substantial step into an economic transformation period
In addition to other items, the import duty of seven key equipments and parts of textile machinery, which are helpful towards technical innovation and the production of energy saving products, will be lowered from the current 1-7 percent to 0-3 percent.
The tariff of urea fertilizer, blue and wet leather products and other items will be debased with different extension.
