China to lower tariff rates on 1,585 taxable items
Starting from Nov. 1 this year, China will slash most-favored-nation tariffs on a total of 1,585 taxable items as the country moves to further open its market, an official statement said Sunday.
The average tariff rate will be reduced from 10.5 percent to 7.8 percent for these items, said the Customs Tariff Commission of the State Council.
The number accounts for 19 percent of the total taxable items. After the adjustment, China’s overall tariff rate will stay at 7.5 percent, down from 9.8 percent last year.
Such a rate is slightly higher than that of the European Union but lower than most developing countries, the commission said.
The tariff cuts covered sectors including textiles, ceramics, steel, machinery and some resource-based products and primarily processed goods.
Lowering tariffs to an appropriate level can promote balanced development of foreign trade and opening-up, the commission said.
The move came after China provided zero tariffs on a majority of imported medicines starting May 1 and a reduction of tariffs on vehicles and auto parts as well as some consumer goods starting July 1.
9:17 am October 2, 2018
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