Caixin
Apr 30, 2022 06:32 PM
BUSINESS

China to Suspend Import Taxes on Coal to Keep a Lid on Energy Costs

Mounds of coal cover the landscape Thursday at the port of Rizhao in East China’s Shandong province. Photo: VCG
Mounds of coal cover the landscape Thursday at the port of Rizhao in East China’s Shandong province. Photo: VCG

China will suspend import tariffs on coal for 11 months in an effort to ensure the country’s coal supply amid a global price surge, though analysts predict the suspension won’t do much to boost imports of the fuel.

China will cut its import tax on coal to zero starting Sunday, according to a statement (link in Chinese) released Thursday by the State Council’s Customs Tariff Commission. The suspension will remain until March 31, 2023. Currently, coal importers in China have to pay a tax typically ranging between 3% and 6%, depending on the type of coal.

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