The Ministry of Finance issued a statement on Tuesday saying that from January 1, 2007, China will continue to impose lower import duties on coal and refined oil to encourage energy imports.
At the same time, the Chinese government will continue to impose higher export tariffs on coal, crude oil and other energy products.
In accordance with the Chinese government's tariff policy, and in view of the strong domestic energy demand, it is expected that the net imports of China's coal, crude oil and refined oil will increase next year.
In November of this year, the Chinese government imposed a 5% export tariff on crude oil and coal, while reducing the import duties on coal and refined oil products from 3%-6% to 1%-2%.
From January to November this year, China’s crude oil imports increased by 15.6% from the same period of last year to 133.6 million tons, while exports decreased by 19.7% to 5.43 million tons during the same period.
From January to November this year, China's coal imports reached 33.84 million tons, an increase of 46% over the same period of last year. Exports fell 11.9% to 57.4 million tons during the same period.
At the same time, the Chinese government will continue to impose higher export tariffs on coal, crude oil and other energy products.
In accordance with the Chinese government's tariff policy, and in view of the strong domestic energy demand, it is expected that the net imports of China's coal, crude oil and refined oil will increase next year.
In November of this year, the Chinese government imposed a 5% export tariff on crude oil and coal, while reducing the import duties on coal and refined oil products from 3%-6% to 1%-2%.
From January to November this year, China’s crude oil imports increased by 15.6% from the same period of last year to 133.6 million tons, while exports decreased by 19.7% to 5.43 million tons during the same period.
From January to November this year, China's coal imports reached 33.84 million tons, an increase of 46% over the same period of last year. Exports fell 11.9% to 57.4 million tons during the same period.