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

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

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