China taxes food grain export
China has levied taxes on exports of food grains such as wheat, corn, rice and soybean from January 1, 2008. The move is apparently aimed at reining in surging domestic food prices, which have driven up inflation. Food prices rose by 18.2 per cent in November 2007, an 11-year high.
The export tax rates will range from 5-25 per cent and be levied on 57 categories of grain and grain products. The measure will discourage grain exports and help limit domestic grain prices, say researchers from the Institute of Market Economy, Development Research Center of China's cabinet