China will cut import duties for 1,585 tax purposes
Release time: 2018-10-25 12:16 Browse volume:1417
China will reduce import tariffs1 on 1,585 taxable items starting Nov. 1, to serve industrial upgrading, lower corporate3
cost and meet domestic demand.
The new policy adds to a slew4 of tariff2 cuts China introduced this year, which will save an estimated total of 60 billion
yuan (about 8.7 billion U.S. dollars)for firms and consumers, according to a statement released after the meeting.
It will put the country's overall tariff rate at 7.5 percent, down from 9.8 percent in 2017. Average tariff rates for mechanical
and electrical equipment, such asconstruction machinery5 in high demand, will be lowered from 12.2 percent to 8.8 percent.
For textiles and building materials, the average tariff rate will be cut from 11.5 percent to 8.4 percent, while that for resource
products and primary goods will fall from 6.6 percent to 5.4 percent.