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NDRC evaluates oil pricing system

08-20-2010 16:29 BJT

China's top economic planner has finished reviewing the nation's product oil pricing system, the 21st Herald reported today, saying there are different opinions within the agency concerning further amendments on the current mechanism.

China currently adjusts domestic fuel prices when the moving average of the international crude price changes over 4 percent over a period of 22 working days.

The report said one of the differences within the National Development and Reform Commission (NDRC) is the "22 working days" period. Some insist on a shorter period, while others would prefer the period to be unchanged or even longer.

Other issues discussed included the "4 percent" magnitude, and whether the government should adjust domestic oil prices every time the current condition required a price change.

This year's trade surplus may amount to $50 to $100 billion, a quarter to 40 percent of the average trade surplus of $200 to $250 billion over the past three years, Wei Jianguo, a former vice commerce minister estimated, according to the the 21st Century Business Herald.

Now is the right time for China to increase imports to speed economical restructuring and improve relations with other nations, the paper said, citing Wei.

The China Council for the Promotion of International Trade and the China Chamber of International Commerce has set up an exposition and trading center for imported goods in Shanghai, the first of this kind. Goods in this center, which will come into operation next year, will enjoy tariff cuts.

Wei believes setting up of this center means China has changed from encouraging exports alone to focus on trade balance, the paper said.

Editor:Xiong Qu |Source: China Daily

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