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NEWS - Myanmar-China Border Trade
- Subject: NEWS - Myanmar-China Border Trade
- From: Rangoonp@xxxxxxx
- Date: Mon, 02 Nov 1998 21:46:00
Subject: NEWS - Myanmar-China Border Trade Reaches 129m U.S.Dollars
How many Wa, Karen, Shan et.al. have been displaced, arrested or
murdered for this trade. Namhkam was Once prosperous for the people,
but now it is only for military and SPDC profits.
Myanmar-China Border Trade Reaches 129m U.S.Dollars
YANGON (Nov. 1) XINHUA - The border trade volume
between Myanmar and China reached 129 million U.S.
dollars in the first eight months of this year, according to
latest issue of the local International Economic Journal.
Of the total volume, Myanmar's exports to China amounted
to 63 million dollars, while its imports from that country
reached 66 million dollars. Services charges obtained from
the border trade were 4 million dollars.
In November 1997, Myanmar adjusted its border trade policy
to turn the trade into a normal one, using U.S. dollar as
settling accounts instead of the Chinese currency Renminbi.
The practice is also applied to other neighboring countries
such as Thailand and India.
From February this year, Myanmar exempted the commercial
tax, which was previously levied at 5 percent, reduced
border trade services charges to 8 percent from 10 percent,
and raised the rate of income tax on imported goods from 1.5
percent to 2 percent.
So far, Myanmar has opened six trade points along the two
countries' common border. They are Muse, Kyuhkok,
Lwaigyai, Namhkam, Kunlong and Mongla, of which the first
three trade points are designated as state-level ones.
Myanmar's foreign trade in the 1997-98 fiscal year ending in
March totaled 3.24 billion dollars, of which its exports
amounted to one billion dollars, registering a trade
deficit of 1.24 billion dollars.