Tar­iffs re­duced in 1,585 cat­e­gories

China Daily (Latin America Weekly) - - Holiday - By MA SI and CHEN JIA masi@chi­nadaily.com.cn

China will re­duce tar­iffs on a wide range of in­dus­trial prod­ucts and raw ma­te­ri­als be­gin­ning in Novem­ber, as the na­tion ramps up the ex­pan­sion of im­ports to fur­ther open up its econ­omy, the Min­istry of Fi­nance said on Sun­day.

The move tar­gets 1,585 tar­iff code cat­e­gories, in­clud­ing tex­tiles, met­als, electro­mechan­i­cal equip­ment and other raw ma­te­ri­als and prod­ucts. The af­fected items ac­count for about 19 per­cent of the to­tal num­ber of taxed im­ports in China, with the duty rate drop­ping from 10.5 per­cent to 7.8 per­cent on av­er­age, the min­istry said.

It is an ad­di­tional cut since the start of this year, when the govern­ment low­ered tar­iffs on au­to­mo­biles, medicines and some other daily con­sumer prod­ucts.

When the new pol­icy takes ef­fect on Nov 1, China’s over­all tar­iffs for all cat­e­gories com­bined will plum­met from an av­er­age of 9.8 per­cent in 2017 to 7.5 per­cent this year.

The min­istry has not de­tailed how the gen­eral tar­iff cut will ap­ply to US goods af­fected by re­tal­ia­tory tar­iffs amid the on­go­ing China-US trade fric­tions.

“Ap­pro­pri­ately cut­ting tar­iffs is con­ducive to more bal­anced de­vel­op­ment in trade. It can help fur­ther open China’s econ­omy to the world and bet­ter co­or­di­nate do­mes­tic and for­eign re­sources,” the min­istry said on its web­site.

The re­duc­tion is a step in China’s ef­fort to push for­ward the open­ing-up process and sup­port eco­nomic glob­al­iza­tion. The coun­try will al­ways sup­port prin­ci­ples of free trade and the mul­ti­lat­eral trade sys­tem based on the rules of the World Trade Or­ga­ni­za­tion, it added.

Liu Shangxi, head of the Chi­nese Academy of Fis­cal Sciences, said lower tar­iffs on some electro­mechan­i­cal equip­ment and parts will sup­port im­ports of ad­vanced tech­nol­ogy and equip­ment from over­seas, in­crease sup­plies in the do­mes­tic mar­ket and fa­cil­i­tate the in­dus­trial up­grad­ing process.

The re­duc­tion of the tar­iffs on some raw ma­te­ri­als can re­duce pro­duc­tion costs and sup­port the de­vel­op­ment of en­vi­ron­men­tally friendly in­dus­tries, Liu said.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.