September 27, 2006

China's 2007 import quotas for grains, cotton unchanged

China's 2007 import quotas for grains and cotton remain unchanged from this year, the country's top economic planning agency said Tuesday.

In a statement on its website, the National Development and Reform Commission said import quotas for wheat and corn will be 9.64 million tonnes and 7.2 million tonnes respectively, while those for rice and cotton will be 5.32 million tonnes and 894,000 tonnes.

State-owned companies will be given 90 percent of the wheat quotas, 60 percent of the corn quotas, half of the rice quotas, and 33 percent of the cotton quotas.

Imports under the quota system enjoy a preferential tax rate of 1 percent, according to China's commitments to the World Trade Organization.

The quotas for wheat, corn, rice and cotton imports have remained unchanged since 2004.

Applications for the quotas can be submitted to the NDRC Oct 15-30.