Home / Knowledge / News / Textiles / China to reduce import tariffs on more than 1,500 items

China to reduce import tariffs on more than 1,500 items

27
Sep '18
Courtesy: Pexels
Courtesy: Pexels
China will reduce import tariffs on 1,585 items, including machinery, electrical equipment and textile products, beginning November 1 to serve industrial upgrading, lower corporate costs and meet domestic demand, a State Council executive meeting has decided. The policy will save about $8.7 billion for firms and consumers, according to an official statement.

The September 26 meeting was chaired by Premier Li Keqiang. Beijing is taking steps to raise imports amid rising tension with a few of its biggest trade partners like the United States.

The country’s overall tariff rate will reduce to 7.5 per cent from 9.8 per cent in 2017, the cabinet said.

For textiles and building materials, the average tariff rate will be cut from 11.5 per cent to 8.4 per cent, while that for resource products and primary goods will fall from 6.6 per cent to 5.4 per cent.

Average tariff rates for mechanical and electrical equipment, such as construction machinery in high demand, will be lowered from 12.2 per cent to 8.8 per cent.

Effective July 1 this year, China had reduced average tariff rate for clothing, shoes and hats, kitchenware, and sports and fitness supplies from 15.9 per cent to 7.1 per cent.

Fibre2Fashion News Desk – India


Must ReadView All

China keen to invest in Bangla apparel, leather sectors

Apparel/Garments | On 21st Nov 2018

China keen to invest in Bangla apparel, leather sectors

Chinese investors expressed keen interest to invest in apparel,...

Armenia to resume cotton production

Textiles | On 21st Nov 2018

Armenia to resume cotton production

Armenia will soon resume cotton production with the establishment of...

Australia wool production to dip 10.8% in 2018-19

Textiles | On 21st Nov 2018

Australia wool production to dip 10.8% in 2018-19

The Australian Wool Production Forecasting Committee has updated its...

Interviews View All

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search