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An indirect tax typically on an ad valorem basis, turnover tax applies to a production process of a business with the tax rates varying from 3 percent to 15 percent according to different sectors, while a VAT is taxed on the difference between a commodity's price before taxes and its cost of production.

Deputy Foreign Minister Cui Tiankai made the remarks at a press briefing in Beijing on the 7th G20 Leaders' Summit scheduled to be held in Los Cabos, Mexico, next week.

China exported around 21 billion euros worth of solar panels and their key components to the EU in 2011, according to EU statistics.

Banks' forex surpluses, which make up part of China's foreign exchange reserves along with current account surpluses and foreign direct investment inflow, do not include banks' own foreign exchange transactions or interbank transactions, according to SAFE.

For quite a while, the U.S. government has repeatedly made welcoming remarks on China's rise, but at the same time it has shown little respect for China's sovereign rights in the area.