China to cut tariffs on industrial products from Nov. 1

时间:2018-10-08 单词数:2970

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China will cut tariffs on certain industrial products including textiles, ceramics, glass, machinery, steel and metal products starting from November 1, a statement by the State Council said on Sunday.


The tax reduction on 1,585 items, which accounts for 19 percent of China’s total tariff items, is to serve China’s industrial upgrading, lower corporate costs and fulfill the public’s diversified consumption demands, the statement said.


The general tariff level of these goods will go down to 7.8 percent from 10.5 percent. At the same time, China’s general tariff level is now brought down to 7.5 percent from 9.8 percent.


The tax reduction is in line with the Chinese government’s push to further expand its opening-up initiative, so as to not only propel China’s development but to make such development a benefit for other economies, the State Council said in the statement.


This is the fourth time that China has lowered tariffs on imported goods this year, since President Xi Jinping made such pledges during the Boao Forum for Asia in April.

自今年4月习近平主席在博鳌亚洲论坛(Boao Forum for Asia)上做出上述承诺以来,这是中国今年第四次降低进口商品关税。

The previous three cuts were a zero tariff policy on medicine from May 1, a slash on automobiles and auto parts, and a tariff cut on 1,449 daily necessities from July 1.


With these tax cuts made, China’s general tariff levels are now lower than that of most developing economies, and is only slightly higher than the European Union.


The Customs Tariff Commission of the State Council said these tax cuts will help meet the people’s rising needs for a better life, stimulate the upgrading of the domestic industrial structure, improve supply efficiency, and optimize resource allocations.


Officials also said this move shows China’s commitment to opening-up, globalization, free trade, and multilateralism under the WTO framework.