Tar­iff Cuts

Beijing Review - - THIS WEEK ECONOMY -

China will lower tar­iffs on some im­ported goods and stream­line cus­toms clear­ance to make the pro­ce­dure faster. These are among the mea­sures to be rolled out to ex­pand open­ing up and fos­ter a more en­abling en­vi­ron­ment for for­eign trade and in­vest­ment.

An ex­ec­u­tive meet­ing of the State Coun­cil, China’s cab­i­net, held on Septem­ber 26, ap­proved these and other mea­sures. From No­vem­ber 1, im­port tar­iffs on 1,585 items will be slashed. By No­vem­ber 1, the num­ber of cus­toms clear­ance doc­u­ments sub­ject to ver­i­fi­ca­tion at ports will be re­duced from 86 to 48.

The av­er­age tar­iff rate for prod­ucts in high de­mand in do­mes­tic mar­kets such as ma­chin­ery and in­dus­trial in­stru­ments will be cut from 12.2 per­cent to 8.8 per­cent, tex­tile and con­struc­tion ma­te­ri­als from 11.5

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