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China

China’s crude oil imports up 14.5%

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SHANGHAI: China’s crude oil imports in November grew 14.5 percent from a year earlier to 37.04 million tons, or 9.06 million barrels a day (bpd), Chinese government data showed. Imports also grew 19.4 percent on daily basis from October’s 7.59 million bpd, according to data released by the General Administration of Customs. The world’s second-largest oil consumer purchased 8.47 million ... Read More »

China’s crude oil imports up 14.5 percent,

china

BEIJING: China’s crude oil imports in November grew 14.5 percent from a year earlier to 37.04 million tons, or 9.06 million barrels a day Chinese government data showed. Imports also grew 19.4 percent on daily basis from October’s 7.59 million bpd, according to data released by the General Administration of Customs. The world’s second-largest oil consumer purchased 8.47 million bpd ... Read More »

China’s crude oil imports up 14.5 percent,

china

BEIJING: China’s crude oil imports in November grew 14.5 percent from a year earlier to 37.04 million tons, or 9.06 million barrels a day Chinese government data showed. Imports also grew 19.4 percent on daily basis from October’s 7.59 million bpd, according to data released by the General Administration of Customs. The world’s second-largest oil consumer purchased 8.47 million bpd ... Read More »

China’s silver cod craze drives smuggling upsurge

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SHANGHAI: China’s demand for high-end cod is causing a massive rise in smuggling as supply tightens, according to a respected industry research platform. Legal imports of what’s termed “silver cod” will total 1,000 tons in 2017, up from 633 tons in 2016, but smuggled imports could be as high as 2,000 tons, according to Dongpin Zhan Lue (Frozen Foods Strategy), ... Read More »

China’s silver cod craze drives smuggling upsurge,

china

BEIJING: China’s demand for high-end cod is causing a massive rise in smuggling as supply tightens, according to a respected industry research platform. Legal imports of what’s termed “silver cod” will total 1,000 tons in 2017, up from 633 tons in 2016, but smuggled imports could be as high as 2,000 tons, according to Dongpin Zhan Lue (Frozen Foods Strategy), ... Read More »

US tax reform puts pressure on China’s authoritarian state,

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BEIJING: For years, Chinese companies leveraged favorable exchange rates, cheap labor, thin environmental regulations, and other advantages to attract U.S. capital and technology in exchange for huge profits. Now, U.S. tax cuts the biggest passed since those during the presidency of Ronald Reagan three decades ago have Beijing in a bind. Prominent in the new tax policy are generous reductions ... Read More »

China coal imports rise in November despite push against pollution

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SHANGHAI:Chinese coal imports rose in November from the month before on firm demand during the winter heating season, even as Beijing encourages a shift to cleaner fuels in its battle against pollution. Shipments into the world’s top coal importer reached 22.05 million tonnes in November, up 3.6 percent from October, but down from 26.97 million tonnes a year ago, data ... Read More »

Chinese customs seize over 360 kg of smuggled ivory,

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BEIGING: Customs in south China’s Guangxi Zhuang autonomous region have confiscated more than 360 kilograms of ivory smuggled from Africa and detained three suspects.The 165 elephant tusks, worth more than 29 million yuan (4.4 million U.S. dollars), were illegally shipped to the city of Pingxiang on the China Vietnam border on the night of Nov. 13.They were seized by customs ... Read More »

Chinese customs seize over 360 kg of smuggled ivory

china

SHANGHAI: Customs in south China’s Guangxi Zhuang Autonomous Region have confiscated more than 360 kilograms of ivory smuggled from Africa and detained three suspects. The 165 elephant tusks, worth more than 29 million yuan (4.4 million U.S. dollars), were illegally shipped to the city of Pingxiang on the China-Vietnam border on the night of Nov. 13. They were seized by ... Read More »

China Nov trade surplus with U.S at $27.87b, up from October: customs

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SHANGHAI: China’s trade surplus with the United States expanded in November to $27.87 billion from $26.62 billion in October, according to data from China’s customs administration on Friday. The surplus with the U.S. over the first 11 months of the year was $251.26 billion, customs data showed, compared to $222.98 billion in the Jan-Oct period. September’s surplus of $28.08 billion ... Read More »

China’s ban on imported plastic leads to ‘impending crisis’ for UK waste recycling,

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BEIJING: China’s ban on imported plastic puts the UK at risk of environmental pollution owing to the recycling industry’s lack of capacity, according to an investigation by Greenpeace UK.The UK exports almost two thirds of its total waste to China, with UK businesses shipping more than 2.7 million tons of plastic waste there and to Hong Kong since 2012. China ... Read More »

China’s smog plagued Hebei draws up environmental tax plan

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SHANGHAI: The smog-prone northern Chinese province of Hebei has drawn up plans to launch a comprehensive environmental protection tax starting in the new year that will give more incentives for local polluters to clean up, it said on Wednesday. China’s legislature approved a new environmental tax law late last year that gave regions the power to set their own rates. ... Read More »

China faces fallout from Trump’s tax overhaul

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SHANGHAI: China may have to raise its personal income tax to create room for a reduction in its corporate tax as it seeks to stay attractive to investors. Legislation going through the U.S. Congress could lead capital to flow back to the United States. China may have to raise personal income tax and finally introduce a real estate levy to ... Read More »

China’s Qingdao seizes over 1,700 tonnes of zinc waste

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BEIJING: Customs in China’s eastern port city of Qingdao seized 1,762 tons of smuggled zinc waste last week in the country’s campaign against the import of “foreign garbage.” China told the World Trade Organization (WTO) in July it would stop accepting shipments of rubbish such as waste plastic and paper as part of a campaign against “foreign garbage”. The zinc ... Read More »

China trims appetite for coal imports, but prices hold up: Russell

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SHANGHAI: There are indications that China’s appetite for imported coal may be starting to ease in line with Beijing’s efforts to limit the use of the fuel over winter in a bid to lower air pollution. China’s seaborne imports were 18.26 million tonnes in November, down from 20 million in October, according to vessel-tracking and port data compiled by Thomson ... Read More »

China customs handles 2,773 cases of smuggling from Jan, Oct: paper

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SHANGHAI: Chinese customs authorities handled 2,773 cases of smuggling in the first 10 months of this year, part of a nationwide crackdown, the China Daily reported on Friday citing a senior official. The 2017 “Sword Guarding the Country’s Gate” campaign netted 233 smuggling cases involving weapons and ammunition, 474 cases related to illegal drugs and 86 related to endangered species, ... Read More »

China imports corn as domestic prices rise

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BEIJING: China has bought around 10 to 12 cargoes of mainly U.S. corn in the past month and is set to step up purchases as a record gap between domestic and international prices encourages buyers to seek out cheap imports, three trade sources said. Overseas purchases by the world’s second-largest corn consumer had plunged in the second half of last ... Read More »

China slashes customs duties for frozen Atlantic salmon, shrimp, abalone

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SHANGHAI: China will slash import duties by between 2% and 7% on a range of seafood imports, including frozen Atlantic salmon, shrimp, abalone, rock lobster and capelin. The new import duty rates will come into effect on Dec. 1, according to an announcement by China’s Ministry of Finance on Nov. 23. The reduction is being implemented across a range of consumer ... Read More »

China’s splurge on U.S., Russian crude shows OPEC’s dilemma: Russell

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SHANGHAI:  The shifting dynamics of China’s crude oil imports show the scale of the challenges facing the Organization of the Petroleum Exporting Countries (OPEC) and its allies ahead of a decision on whether to continue with production cuts. The detailed Chinese customs data for October illustrates trends that should give pause for thought to the leaders of OPEC and its ... Read More »

China cuts import tariffs on almost 200 consumer goods

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SHANGHAI: China is cutting import tariffs on 187 consumer goods from whisky to cashmere clothing to help spur spending and economic growth. The Finance Ministry said tariffs will drop from an average 17.3% to 7.7% on products, including pharmaceuticals, food, health supplements and clothing. The cut will take effect from the beginning of December. The move is designed to encourage ... Read More »