Finance ministry to adjust tariffs
billion yuan, rising 17.1 percent year on year. Service outsourcing contracts from the United States and European Union went up 8 percent and 23.1 percent, respectively. life insurance companies climbed 33.1 percent to hit 1.66 trillion yuan. Property insurance companies’ premium income rose 8.7 percent to 777 billion yuan. China’s Ministry of Finance will adjust tariffs on a number of exports and imports. The new plan comes into force on Jan 1, according to the ministry. To meet domestic demand, tax rates will be lowered on some imported commodities next year including hydraulic actuators for aircraft. Import tariffs will also be reduced on commodities including tuna and arctic shrimp.