China to cancel cement tax rebates
(Xinhua)
Updated: 2006-09-26 17:08
China will cancel tax rebates for cement exports within three years, the
Xinhua-run China Securities Journal said on Tuesday.
Lei Qianzhi, head
of the China Cement Association, was quoted as saying that cement exports will
not be encouraged by the government, as the industry consumes too much energy
and resources.
Cement exports are currently treated to an eight percent
tax rebate.
According to official figures, China exported 11.29 million
tons of cement in the first seven months of the year, up 114 percent on last
year.
Lei said the dynamic growth is mainly due to strong demand in
Europe, America and the Middle East.
He warned that cement producers
should not be optimistic about their export prospects, as new capacity in the
United States and the Middle East will fill the supply gap in one or two
years. (For more biz stories, please visit Industry Updates)
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