China raising export taxes on metals to rein in surplus

Oct 27, 2006 | 11:03 AM | Hongmei Li

The Chinese government has announced widespread changes to import and export taxes affecting steel, base and minor metals, ferroalloys and scrap in an effort to reduce its massive trade surplus.

In an unexpected move, the Ministry of Finance said Friday that it is introducing a new tax regime effective Nov. 1.

The import tax on alumina will be cut to 3 percent from 5.5 percent, while a 2-percent import tax on iron and steel scrap will be abolished, the government said.....

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