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Import, export taxes to be adjusted to foster growth

China will adjust its import and export taxes from Jan 1 as part of a larger effort to foster economic growth, the Finance Ministry said on Tuesday. To refine the mix of imports, China will levy provisional taxes at a rate even lower than that reserved for countries in the Most Favored Nation category, a low-rate status given to particularly valued trading partners. Taxes will be lowered on imports of optical fiber-equipped communication devices, advanced manufacturing equipment and electric car parts. On the commodities front, the finance ministry said it would reduce import taxes on ethylene, ferro-nickel and coal products, while import tariffs for natural rubber will be raised. Import tariffs for rubber are currently set at 20 percent of the value and capped at 1,200 yuan ($194) a metric ton. Analysts said the ministry was expected to raise the cap to 1,600 yuan a ton following recommendations by the local rubber association.

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