China to Adjust Iron and Steel Import-Export Taxation Policy

BEIJING, June 18 -- China will adjust its import-export taxation policy for iron and steel products, as part of its effort to further save energy, reduce emission and accelerate the restructuring of iron and steel industry, China's State Council said on Thursday, the Wall Street Journal reported.

By the end of 2011, the Chinese government will not approve or receive any application from iron and steel companies that intend to expand production capacity.

The State Council said in a statement that it has seen a huge potential in energy conservation in the iron and steel industry.

As part of the government's efforts to cut emissions, China planned to reduce its energy consumption per unit of GDP for 20% during the "eleventh five-year plan", or the period from 2006 to 2010, However, the figure only reduced 14.38% during the period from 2006 to 2009.