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china-flag BEIJING: China will reimpose import tax on some goods - including solar equipment, natural gas pipelines and railway machinery - from 2013 to help domestic manufacturers, the finance ministry said on Monday.

 

The ministry said it amended the list of imports that enjoy tax exemption to assist development of the equipment manufacturing industry.

 

"This amendment on the one hand is to encourage local firms to import advanced equipment that China cannot produce," the ministry said in a statement published on its website.

 

"And on the other it's to create a fair environment for companies to buy more domestic equipment to promote China's industry."

 

Marine equipment, packing machinery and airport ground equipment were also dropped from the revised list of imports exempted from tariffs.

 

Other products were added to the list, however, including nuclear power equipment and medical machinery, which China does not have the capacity to produce.

 

Copyright Reuters, 2012
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln