China's Economic Development in 2008

China's Economic Development in 2008

While stepping up efforts to protect workers' rights, China is also taking new initiatives to fulfill the promises it made when signing up as a full-fledged member of the World Trade Organization six years ago.
The Ministry of Finance announced that the country further adjusted export and import duties starting January 1, 2008.
These adjustments focus the most-favored-nation duty, the annual interim rate, and conventional and preferential tariffs.
Following the adjustment, the average tariff level for China in 2008 will stand at 9.8 percent, with farm produce as high as 15.2 percent and industrial products reaching 8.9 percent.
In the meantime, China will further restrict the export of products from heavily-polluting industries with high energy consumption.
Export taxes on wood pulp, alloy steel, steel billets, and some finished steel products will rise from 15 to 25 percent, while import tariffs on gasoline, diesel and jet kerosene will decrease from 2 to 1 percent.
We're now joined by Dr. Ma Jun, chief economist of Deutsche Bank Greater China, who will share with us his opinions on the country's latest duty adjustments and other issues concerning China's economic development in 2008.

Q&A
That's Dr. Ma Jun, chief economist of Deutsche Bank Greater China. Up next, Beijing has introduced new vehicle fuel standards to ensure a Green Olympics.