IN BRIEF (Page 9)

Resource tax rates raised

China raised taxes on iron, tin, and four other resources starting from Feb 1, Shanghai Securities News reported on Friday.

The tax rate for iron ore has been raised from 60 percent to 80 percent. Last year, the tax ranged from 2 yuan ($0.32) to 30 yuan per metric ton depending on the grade.

Meanwhile, the tax on tin ore has been lifted from 0.6-1 yuan per ton, depending on the grade, to between 12 and 20 yuan. Analysts said the move is aimed at conserving resources and curbing pollution, but will not have much impact on miners' profits, unless the tax rate moves to a value-based system.

Anti-dumping investigations

The European Union lodged an anti-dumping investigation on Thursday into imports of malleable cast iron tube or pipe fittings from China, according to an announcement on the website of the Ministry of Commerce.

The inquiry stemmed from a complaint by the Defence Committee of Tube or Pipe Cast Fittings of Malleable Cast Iron of the EU, a group which represents more than half of the EU's output of these products.

The probe into pipe fittings also covers imports from Indonesia and Thailand.

Acquisitions fund launched

China has launched a 50 billion yuan ($8 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies. The move is part of efforts to promote internationalization of the Chinese currency and build the commercial hub into a global financial center. The government-backed fund, Sailing Capital International, has a fundraising target of 50 billion yuan, of which 12 billion yuan has already been raised, the Shanghai government said on its website.

China Daily - Agencies

(China Daily 02/18/2012 page9)