Customs inspection fees cut to bolster trade

CHINA will waive administrative fees charged for customs inspections by around 3.5 billion yuan (US$556 million) in its latest efforts to boost its sluggish trade activity, the Ministry of Finance said Thursday.

The authorities won’t charge any fees for inspections and quarantines at the border between Oct. 1 and Dec. 31, the ministry said. The waiver excludes fees charged for vaccinations and additional inspections requested by enterprises, it said.

Cosco cautions against ‘vicious competition’

THE chairman of Chinese shipping giant China Cosco Holdings Co. urged the shipping industry to take action to avoid “vicious competition.”

Speaking at a shipping conference in Xiamen on Thursday, Cosco chairman Wei Jiafu called on shipping companies to avoid price wars and refrain from expanding shipping fleets. He cited tough industry conditions that have seen freight rates fall sharply amid overcapacity and a slowdown in trade.

Coal output growth slows down

CHINA’S coal output in the first eight months hit 2.57 billion tons, up 4.4 percent, although its coal output growth rate fell 7.9 percentage points year on year during the period, the China National Coal Association (CNCA) announced Wednesday.

During the same period, sales reached 2.47 billion tons, up 4 percent. However, the growth rate also slumped 10.7 percentage points, according to CNCA data.

Rules eased in critical illness insurance

CHINA’S insurance regulator said it would lower capital requirements and cut regulatory fees for insurers offering critical illness insurance, according to a statement posted on its Web site Wednesday.

In a bid to reduce operating costs, the China Insurance Regulatory Commission would reduce or waive supervision fees and insurance guarantee contributions, as well as cut capital requirements for insurers in this area, the commission’s chairman Xiang Junbo said in the statement. No details were given and there was no indication of when the reduced requirements would go into effect. As part of a broader reform of health care services, China has vowed to expand health care insurance coverage by including insurance protection for critical illness, according to a guideline released last month by the National Development and Reform Commission.