Oil product tax

    CHINA has raised the consumption tax on oil products as of Saturday, the first adjustment since the previous increase in 2009.

    The consumption tax on gasoline has risen from 1 yuan (US$0.16) to 1.12 yuan per liter while that on diesel from 0.8 yuan to 0.94 yuan per liter, according to the Ministry of Finance and the State Administration of Taxation.

    New projects

    CHINA has approved five new infrastructure projects worth at least 51 billion yuan (US$8.3 billion), the National Development and Reform Commission said Friday.

    The projects include one airport and four railway and subway lines, the economic planner said in an online statement. China has increased spending allotted to public infrastructure in recent weeks as the world’s second-largest economy shows renewed signs of lackluster activity.

    Taiwan outlook

    TAIWAN on Friday trimmed its forecasts for exports and economic growth for next year as major trading partners the Chinese mainland and Europe both face significant headwinds.

    The Taiwan government now projects exports to grow 3.56 percent in 2015, instead of the earlier forecast 4.09 percent. It tweaked the 2015 GDP growth projection to 3.50 percent from 3.51 percent while raising this year’s 1 to 3.43 percent from 3.41 percent.

    Car recall

    GENERAL Motor (GM) Co.’s main Chinese joint venture will recall 40,496 Buick LaCrosses in March next year due to faulty headlights, China’s top quality watchdog said.

    Shanghai General Motors Co., GM’s venture with SAIC Motor Corp., will recall all the Buick LaCrosse sedans made between Jan. 11, 2006 and Nov. 8, 2006, the General Administration of Quality Supervision Inspection and Quarantine said Friday.