Starting January 1, 2008, China will significantly lower its naphtha import tariffs from the current 6% to just 1%, aiming to ease the financial pressure on importers. This move reflects the country's ongoing challenge in meeting rising domestic energy demands, as local oil production remains insufficient to keep up with consumption. In the first 11 months of this year alone, China imported 10.3 million tons of naphtha, marking an impressive 86.5% increase compared to the same period last year. The tariff reduction is expected to support industries reliant on naphtha and could help stabilize prices in the domestic market. Analysts suggest that this policy shift also aligns with broader efforts to enhance energy security and promote more efficient resource allocation. With continued economic growth driving energy needs, such measures are likely to become more common in the coming years.
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