MOC: China to lower steel export rebate within 2010

Thursday, 17 June 2010 12:06:38 (GMT+2)

According to Yao Jian, spokesman of China's Ministry of Commerce (MOC), the export rebate on some steel products is expected to be lowered within 2010.

Mr. Yao stated that the export rebate adjustment in question was planned with the aim of achieving energy saving and emission reduction targets, especially as 2010 is the last year of China's eleventh five-year plan.

During the 2006-2009 period, China's accumulated energy consumption per GDP declined by 14.38 percent, which means that a 5.62 percent decline in 2010 is a must, based on the 20 percent reduction target for the eleventh five-year plan period. However, in the first quarter of 2010, China's energy consumption per GDP increased by 3.2 percent.

Meanwhile, Mr. Yao said that China's imports and exports have increased during seven consecutive months since November 2009. However, he added that this good performance is just a reflection of the strong volume of orders placed before March this year, while the adverse influence of the European debt crisis is likely to emerge in the next several months.

Mr. Yao added that henceforth the MOC will pay much closer attention to such key export destinations as Germany, Spain and Italy.

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