Taxing times for Chinese exports

摘要

IN AN EFFORT to curb its trade surplus, protect resources, minimise energy consumption, and environmental pollution, China's Ministry of Finance has adjusted the customs duty rate, effectively an export tax, for 110 commodities, including certain industrial minerals. Typical of such Chinese trade measures of late, the new rates came into force on 1 November, just one day after the government's announcement. The policy is expected to rein in exports which rely heavily on energy and resources, while encouraging their import.