China to keep import duties

China will keep import duties on coal and oil products unchanged at low levels from January 1 to encourage imports of energy resources, according to a statement by the Ministry of Finance in December. During this time, the government will keep export taxes on coal, crude oil and other energy products at high levels. In line with the government’s taxation policies and amid strong domestic energy demand, China’s net imports of coal, crude oil and oil products are expected to increase in the coming year. In November, the government imposed export taxes of 5% on crude oil and coal, while cutting import duties on coal and refined oil products to 1-2% from 3-6%. China’s crude imports in January to November rose 15.6% to 133.6 million metric tons, while exports declined 19.7% to 5.43 million tons. (December 26, 2006)