China Exempts Coal Import Tariffs for 11 Months Amid Surge in Raw Material Prices
Last October, a barge was transporting coal to the Huadian Yangzhou Thermal Power Plant on the canal in Yangzhou, Jiangsu Province, eastern China.
The Chinese government has decided to exempt coal import tariffs for the next 11 months to mitigate the domestic impact of the global surge in raw material prices.
On the 28th, the Tariff Commission of the State Council of China announced on the Ministry of Finance's website that it will temporarily suspend import tariffs on coal products from next month until March of next year.
The current import tariff rate on coal products ranges from 3% to 6%.
As the world's largest coal producer and importer, coal is the most important energy resource for China. Coal accounts for 56% of China's total energy consumption.
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Last year, China produced 4.07 billion tons of coal and imported 320 million tons. The value of coal imports reached approximately 44 trillion won.
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