Chinese government lifted tax rebate for export petrochemical products

The Chinese Ministry of Finance announced that starting 20 March 2020, the country would lift the tax rebate rates for three more petrochemical products when exporting, including ethylene (HS: 29012100), qualified terephthalic acid (HS: 29173619) and MEG (HS: 29053100). 

The tax rebate for these three products is currently at 10% and would be lifted to 13% once the new policy becomes effective. 

China is a net importer of ethylene.