China Underground > China Finance > China cuts Australia’s coal imports

China cuts Australia’s coal imports

  • 3
  •  
  •  
  • 0
  •  
  •  

The Chinese government has formalized a cut of about $14bn coal imports, according to state media reports.

The National Development and Reform Commission met with representatives of the ten largest power companies over the weekend and granted them approval to import coal without customs restrictions, except for Australia.

China will prioritize imports from Mongolia, Indonesia, and Russia. Companies will be required to share inventories to ensure the price does not exceed 640 yuan (about 98 USD) per tonne.

Hundreds of millions of tons of Australian coal are currently anchored off the Chinese coast due to disputes with Beijing.

Relations between the two countries have deteriorated due to Australia’s position on Chinese territorial disputes, security issues, and Australian requests to investigate the origins of the virus and the omissions in the first phase of the pandemic.

In April, the Chinese ambassador announced a consumer boycott against Australian products, which was followed by tariffs on barley and other agricultural products.

In November, the Australian government attempted to reset relations by joining the RCEP, or Regional Comprehensive Economic Partnership, a bloc of economic cooperation made up of several Southeast Asian and Pacific countries, including South Korea, China, Japan, Australia, and New Zealand, representing 29% of the world’s gross domestic product.

 


 

If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.

 

Subscribe to China Underground and get the free magazine 'Planet China'

* indicates required

View previous campaigns.

By clicking Sign Up, you agree to our terms and conditions.

You can unsubscribe at any time by clicking the link in the footer of our emails.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Canon Hongkong and C&C Joint Printing announce a strategic partnership

Next

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.