China cuts tariff rates on 1,585 items

▶ Country committed to opening its market wider amid rising protectionism

China will slash most-favored-nation tariffs on a total of 1,585 taxable items starting from Thursday, as the country moves to further open its market.

It’s necessary for China to be more proactive in opening its market amid rising global unilateralism and protectionism, experts told the Global Times on Thursday.

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 proximately 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 starting July 1.

In the midst of the country’s taxcutting efforts, the China International Import Expo (CIIE), the world’s first import-themed national-level expo, is going to be held in Shanghai from November 5 to 10. CIIE is another move of the Chinese government to push its opening-up policy further.

Meantime, in a bid to expand opening-up and foster a fairer, freer and more convenient environment for foreign investment, China will also roll out more measures to facilitate delivery of major foreign-invested projects, lower tariffs on some imported goods and streamline customs clearance procedures at a faster pace.

Last week, the State Council decided to introduce an online filing process in regulating foreign investment in China. Unified market access criteria will be applied to both Chinese and foreign investment in areas not on the negative list.

Large-scale foreign investments eligible for major project development schemes will receive support on land and sea-use approval procedures and accelerated environmental impact assessments and their logistics costs are also to reduced.