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China Economic News in Brief: Duty-free shop in Haikou; Three Gorge Group's project in Mauritius; Jiangxi foreign trade

06-13-2011 15:01 BJT

HAINAN PREPARES TO OPEN DUTY-FREE STORE IN HAIKOU

Preparatory work has begun for operation of duty-free shop in Haikou, capital city of the island province of Hainan in southernmost China, according to local customs house.

The duty-free store in Sanya, a resort city on the island, opened on April 20 as part of a duty exemption program aimed at the island's tourists.

The local customs house in Sanya recorded more than 220,000 items of duty-free commodities sold between April 20 to June 7, with a daily sales volume of some 4,500 items. Nearly 75,000 tourists departed from the island with such commodities during the period.

The tax exemptions program allows tourists and locals alike to enjoy duty exemptions on certain imported commodities worth no more than 5,000 yuan (765 U.S. dollars) before flying to other destinations in China.

After deducting customs duties, value-added taxes and consumer taxes, the duty-free store's products are usually 10 to 35 percent less expensive than in other stores.

THREE GORGES CORP. WINS BID IN MAURITIUS

China Three Gorges Corporation, the operator of the mammoth Three Gorges water control program, has won the bid for undertaking a large water conservatory project in Mauritius, through its wholly-owned subsidiary China International Water & Electric Corp., according to company sources.

The contract on the project is valued at 112 million U.S. dollars, and will enjoy soft loans from the Export-Import Bank of China.

It will take three years to build the project, which is expected to supply water round-the-clock for Port Louis, the capital of Mauritius.

Dam of the project will be built on the Terre Rouge River.

CHINA IMPORTS MORE FERTILIZER VIA LAND PORT IN NORTH

Manzhouli, a major land port in northern China's Inner Mongolia Autonomous Region, imported 337,000 metric tons of chemical fertilizer in the first four months of this year, a rise of 11 percent on the same period of last year, according to the local customs house.

The arrivals were valued at 120 million U.S. dollars, up 17.7 percent year on year.

Of the total imports, 85.8 percent, or 289,000 metric tons, were potassium chloride, up 17.5 percent year on year.

The import growth was attributed to warm demand in China.

JIANGXI'S FOREIGN TRADE UP NEARLY 65 PCT

East China's Jiangxi Province generated 8.16 billion U.S. dollars in foreign trade in the first four months of this year, an increase of 64.4 percent on the same period of last year, according to the local customs house.

The total included nearly 6 billion U.S. dollars of exports, up 85 percent year on year, and 3.07 billion dollars of imports, up 39 percent.

The province's exports to the European Union went up 170 percent year on year, while its sales to Japan, up 110 percent.

Between January and April, Jiangxi sold abroad 1.96 billion U.S. dollars worth of machinery and electronics, up 160 percent year on year, and nearly 1.3 billion dollars worth of new- and high-tech products, up 152 percent.

Editor:Yang Jie |Source: Xinhua

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