China Premier gave the Report on the Work of the Government in the morning of Tuesday. According to the Report, China will continue promoting the reforms of value-added tax (VAT). The VAT rate in the manufacturing industry will drop to 13% from the current 16%, and that in the transport industry, construction industry and some other industries will drop to 9% from the current 10%.
The VAT reforms will benefit the oil refining industry. On the one hand, the VAT rate of gasoline and diesel will drop by 3%, and this will cause a decrease in gasoline and diesel prices of around RMB 200/mt. On the other hand, the fuel consumption industries, such as the transport industry and the construction industry, will get support from the tax reforms. This will push up China’s consumption of gasoline and diesel.
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