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China to reduce tax incentives for energy-intensive sectors

China to reduce tax incentives for energy-intensive sectors
AFP
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First Published: Thu, Apr 26 2007. 10 55 AM IST
Updated: Thu, Apr 26 2007. 10 55 AM IST
Beijing: China will further reduce tax incentives for exporters that produce items requiring large amounts of energy, the top state planning agency said on 26 April.
The National Development and Reform Commission said export tax rebates would be reduced on a series of energy-intensive items but did not give a full list of the products affected nor say how much the rates would be cut.
It announced the move as it published figures for rapid investment growth in a number of energy-heavy industries.
Investment in the cement sector rose 39.4% year-on-year in the first quarter of this year, with aluminum up 49.3%, the commission said.
Energy consumption in the iron and steel, non-ferrous metals, refinery, power, coke, construction materials and chemical sectors accounted for 70% of the total in 2006, it said.
China earlier this month scrapped export rebates for 83 types of steel products.
In the 11th Five-Year Plan running to 2010, China set a 20% reduction target for energy consumption per unit of gross domestic product.
Last year, China failed to reach its goal of reducing energy use per unit of GDP by 4.0% and cutting emissions by 2.0%.
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First Published: Thu, Apr 26 2007. 10 55 AM IST