The Magazine for Asian Investors
The Chinese Ministry of Finance has announced that China will temporarily reduce import tariffs on all types of coal to 0%. The measure will be in effect from May 1, 2022, to March 31, 2023, and is intended to increase energy security in the country amid rising global coal prices and supply chain concerns.
China will reduce import tariffs on anthracite and coking coal, which are mainly used in steel smelting, from the current 3% to 0%, and import tariffs on other types of coal from the current 3-6% to 0%.
President Xi Jinping reiterated that China will ensure that there is enough coal to produce sufficient energy in the country. While China has committed to gradually reducing its coal consumption and making China an emission-free country by 2060.
China imported 323.33 million tons of coal in 2021, accounting for 8% of the country’s total coal consumption.