China’s tariff cuts contrast with US’s tariff hikes

时间:2018-11-03 单词数:4580

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导读:在与美国持续的贸易战中,中国将从11月1日起削减近1600种商品的进口关税。 他们占中国税收产品总数的19%,平均税率从10.5%降至7.8%。


Amid ongoing trade war with the US, China is cutting import tariffs on nearly 1,600 items starting November 1. They account for 19 percent of the total number of Chinese taxed products, cutting down the average tax rate from 10.5 percent to 7.8 percent.


The move comes after the Chinese government offered zero tariffs on an array of imported medicines starting May 1 and tariff cuts on consumer goods, vehicles and auto parts starting July 1. After the latest round of tax adjustment, China’s overall tariff rate will stay at 7.5 percent, down from 9.8 percent last year and lower than that of most developing countries.


The trade-weighted average tariff rate will be 3.7 percent, marginally higher than Japan (2.1 percent), the US (2.4 percent) and the EU (3.0 percent), but slightly lower than Australia (4.0 percent).


In the midst of China’s tax-cutting efforts, the China International Import Expo (CIIE), the world’s first import-themed national-level expo, will be held in Shanghai from November 5 to 10. It will be another major move by China to further open up its market to the world.


Is China yielding to the pressure from Donald Trump’s trade war? Absolutely not.

中国是否屈服于唐纳德·特朗普(Donald Trump)的贸易战的压力?绝不可能。

China’s tariff cuts and the CIIE were planned before Trump’s unilateral tariffs on Chinese products. The US, given China’s retaliatory duties on 110 billion US dollars of American goods, will be standing at an unfavorable position in exporting to China.


There are three major reasons for China’s tariff cuts and the CIIE.


First, the Chinese economy and people need them. The three rounds of tariff cuts mainly cover pharmaceuticals for people’s health, vehicles and auto parts for people’s auto consumption and the need to upgrade domestic auto-makers, consumer goods for people’s daily necessities, and machinery for China’s high-end manufacturing.


Lower tariffs mean lower costs for both producers and consumers. They also mean intensified competition, propelling domestic manufacturers to advance their core competitiveness.


Second, the world free trade system needs them. The Trump administration is challenging the WTO-represented multilateral free trade mechanism and its unilateral acts are casting a cloud over the prospects of free trade.


China’s latest endeavors are in support of the world free trade mechanism and WTO’s core principles: non-discrimination and free flow of goods among nations.


Third, the world economy needs them. While the world’s GDP growth rate is expected to be 0.2 percent lower than the previous estimate due to Trump’s trade war, China’s massive tariff cuts and the CIIE will provide tremendous market opportunities and thus serve as a fresh impetus to global economic growth.


Every 10 percent of Chinese imports in goods and services will mean an additional 250 billion US dollars in sales in the world market.