Dec. 19 – The Ministry of Finance said it would decrease import tariff rates on selected products and increase export tariffs for high energy-consuming and pollution-producing sectors by next year.

The new rates should help China lower its trade surplus and help domestic companies decreased costs. The reduced import tariff rates affect more than 670 items including energy-related products such as coal, fuel oil, and stone materials, raw materials, hi-tech products, machinery parts and household appliances.

The new rates for raw materials used in the textile, steel and fertilizer industries should support companies hit by the global economic downturn. The move is also expected to spur the import of hi-tech products. In November, China’s imports of hi-tech products rose by 7.5 percent, compared to last year’s 16.5 percent, reports China Daily.

“The measure will not only help improve the technological level of domestic enterprises, but, given the strong demand for such products, help stimulate domestic demand,” Dong Xian’an, analyst with China Southwest Securities told China Daily.

Interim export tariffs will be raised on products such as petroleum, coke, iron alloy and steel billet. This is in conjunction with China’s initiative to control energy consumption and pollutant emissions.

The Ministry added that it would maintain decreased tariffs on products coming from Chile, Pakistan, New Zealand and Singapore following free-trade and tariff agreements.