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Oct.9 - The import tariff1 on audio and video products and other electronic publications has been cut, the Ministry2 of Finance said on its website yesterday.
The government reduced import tax from 17 percent to 13 percent on recorded cassettes, compact and digital video discs and floppy3 discs, effective September 15. Analysts5 said the move aims to encourage imports of these products in a bid to help reduce the country's trade surplus and rebalance its international payments. Last year, China imported $30.79 million worth of these products, an increase of almost 80 percent on the previous year. Based on that figure, the reduced tax rate may lead to a loss of about $1.2 million in tax revenue, experts said. "It is part of the country's efforts to encourage imports and promote the balance of international payments," said Chen Jijun, a senior analyst4 with Beijing-based CITIC Securities. China had accumulated foreign exchange reserves of $1.41 trillion by the end of August, according to government officials. The trade surplus has become a major contributor to the expanding reserves. Chen said the move should help reduce the surplus, given China mainly imports audio, video and electronic products from developed countries - the source of most of its trade surplus. China has cut the import tariff on key equipment and reduced export rebates6 on some energy-intensive products in its all-round macroeconomic regulations this year designed to narrow the trade surplus. In August, China registered a trade surplus of $24.98 billion, up by 32.8 percent. But the growth rate was 48.1 percentage points lower than the January-July period. "The regulatory measures have worked to some extent," Chen said, adding that imports are also growing steadily7. China's imports in August were $86.38 billion, a record high on a monthly basis. But he warned that if China does not change its economic structure, it will be difficult to substantially reduce the trade surplus. China's low-cost labor8 and resources are behind the fast increase in the country's exports. Many foreign companies have shifted their manufacturing to China to take advantage of low local costs, and they are driving the country's strong export industry, he said. He said China should raise resource prices as a fundamental method to rebalance the economy.
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