China says to use tariffs to promote trade balance in 2007 - Xinhua |
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Fri, 23 Feb 2007 09:48
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BEIJING (XFN-ASIA) - China will use import and export tariffs to promote a balance in trade and guide foreign capital inflows, said the official Xinhua news agency, citing an unnamed Finance Ministry official.The official said the government will closely monitor trade levels and adjust export and import policies to promote 'healthy and balanced' trade development.The ministry will pay attention to commodity market trends this year, closely tracking imports and exports of corn, cotton and urea, said the official.Meanwhile, new policies will be launched this year, with import tariffs to be used to guide foreign capital flows into the hi-tech, agricultural and manufacturing sectors.The official also said the ministry will also use more import tariff preferential policies to encourage energy and resource imports to meet domestic demand.China's trade surplus surged 74.0 pct in 2006 to 177.5 bln usd.In November 2006, China cut import taxes on 26 resources products, including coke, oil products and aluminum to 0-3 pct from 3-6 pct.Earlier, Fu Ziying, assistant to the Minister of Commerce, said Beijing will use tools including foreign exchange policy and tariffs to adjust the trade balance.juan.chen@xfn.com
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