Gasgoo.com (Shanghai January 27) - Zhu Fang, head of China Petroleum and Chemical Industry Federation's (CPCIA) Information and Market Department, announced yesterday that new refined oil prices are expected to be released this year. Additionally, the CPCIA has already handed over its proposal on environment tax, targeting CO2 emissions and sewage pollution to the State Council. The scheme is seen to be one of the key measures to help make the country's economy more environmentally-friendly.
According to a Reuters report, the Ministry of Finance, State Administration of Taxation and Ministry of Environment Protection have drafted up new environment tax legislation, which has been inferred to be an 'independent environment tax.' The tax is aimed at sulfur dioxide and CO2 emissions, as well as water and land pollution. Due to the complexity of a proposed tax, finished legislation will take a long time to materialize.
CPCIA standing vice president Li Shousheng said that the domestic petrochemical industry is facing overproduction problems, economic inflation and pressure to promote energy efficiency.
"While for the past 15 years, [The industry's] plans have been made with the pretense of a 'shortage,' during the Twelfth Five-Year Guideline (2011-2015) the overall situation is that of overproduction," Mr. Li said. He continued to say that while the industry as a whole faces an overproduction problem, the production of specific goods was still lacking.
Mr. Li said that the CPCIA's goals for the Twelfth Five-Year Guideline are almost finalized, and that the organization will make the final revisions after Spring Festival. The CPCIA will make an official announcement in April.
"New materials will be the focus [of the plans]." Mr. Li added that because the global economy is still recovery, the petrochemical industry will be pushed to engage in more trade. From January to September of last year the domestic industry has engaged in two of seven trade deals, worth approximately $2 billion.
