Lower tar­iffs set for 1,585 tax­able items

China Daily European Weekly - - Business - As­set-li­a­bil­ity ra­tio lower for cen­tral SOEs Tax ex­emp­tion ex­pands for over­seas in­vestors

Start­ing on Nov 1, 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 on Sept 30. 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 on May 1 and a re­duc­tion of tar­iffs on ve­hi­cles and auto parts as well as some con­sumer goods start­ing on July 1. The as­set-li­a­bil­ity ra­tio of China’s cen­trally ad­min­is­tered State-owned en­ter­prises dipped in the first seven months of this year, ac­cord­ing to the state as­set reg­u­la­tor. The av­er­age as­set-li­a­bil­ity ra­tio for cen­tral SOEs stood at 66.2 per­cent at the end of July, 0.3 per­cent­age points down from a year ear­lier, ac­cord­ing to the State-owned As­sets Su­per­vi­sion and Ad­min­is­tra­tion Com­mis­sion. The ra­tio was also down from 66.3 per­cent at the end of 2017. The SASAC aims to cut the ra­tio by an­other 2 per­cent­age points from the end-of-2017 level. China said on Sept 30 that it has ex­panded a pref­er­en­tial pol­icy to

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.