(Newkerala, Sep 15, 2006)Beijing, China today abolished export tax rebates on coal, natural gas and some primary wood products and increased the export rebate rates on some high-tech products and processed farm produce.

According to the latest administrative decision, China will abolish export rebate on silicon, paraffin, pitch, fine goat wool, charcoal, 25 kinds of pesticides and some minerals.

As one of the government's macro-control measures, the adjustment of the export rebate aims to improve China's industrial structure and to promote the balanced development of China's imports and exports, the Ministry of Finance said.

Export rebate rates on steel will be reduced from 11 per cent to eight per cent while rates of ceramics and some finished leather will be reduced from 13 per cent to eight per cent.

Prices of cement and glass will be slashed from 13 per cent to 11 per cent, the prices of non-ferrous metals will be cut from 13 per cent to five per cent, eight or 11 per cent.

Textile, furniture, plastics and lighters will face reduction from 13 per cent to 11 per cent and trolleys and parts will be reduced from 17 per cent to 13 per cent.

China also raised the export rebate rate of major technical equipment, some IT products, biological and medical products and high-tech products as well as processed farm produce.

Source:Newkerala

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