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China's new policy to improve steel production capacity
10/1/2018 12:00 am [rtl]Beijing / follow-up China's Ministry of Industry and Information Technology has announced a new policy that will ensure zero growth in steel production capacity in 2018. The new policy prohibits factories from increasing their capacity. Steel plants should eliminate at least 1.25 tonnes of undeveloped production capacity per ton of new production capacity in environmentally sensitive areas, including the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Pearl River Delta. The Ministry of Industry and Information Technology said in a statement. "During the period January to November last year, total net profit in the smelting sector rose by 180 percent year-on-year to reach about 314 percent Billion yuan (about 48 billion d American dollar "). The steel sector should focus on quality and profitability while reducing excess production capacity, the statement said. The Chinese authorities have also issued amendments to the tariff policy on imports of key technological products in response to changes in the country's industrial development. The notice issued by six government institutions, including the Ministry of Finance and the highest economic planning body, reviewed the catalog of products that identify industries promoted by the government and those that no longer enjoy tax exemptions. Imports of major technological equipment included in the revised list of government subsidies on tariffs and VAT will continue to be exempted. Tax exemption policies on imports of mixed-flow water turbines will be canceled, according to the notice. The amendments are due to take effect on January 1.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=150738[/rtl] |
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