Tax rebate deadline looms
(xinhua )Updated: 2007-06-23 16:15 Imports of waste paper surged 40 percent year-on-year to 290 million U.S. dollars from January to May in Hangzhou Port, the port that handles most waste paper, according to Hangzhou Customs statistics. Waste paper now accounts for half the raw material in the province's paper mills.
The new tax rebate system will not only help ease the mounting trade surplus, but also channel capital investment into 'high value-added and high tech' industries, said a Ministry of Finance spokesman.
In the long run, this will help the country develop in an economic and sustainable way, he said.
China reported a trade surplus of 86 billion U.S. dollars in the first five months, up 83 percent on the corresponding period of last year, according to Customs statistics.
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