Continued Opening Up: China lowers import tariffs, broadens market access

World
Europe

01:56

China has been taking solid steps in lowering import tariffs, sending out a strong signal by keeping its promise to continue opening up. Broader market access not only provides Chinese consumers with a broader range of choices, but also brings new energy to the world economy. Natasha Hussain has the details.

Good news for those in China. From May 1st this year, the country lifted import tariffs on all common drugs including cancer drugs, cancer alkaloid-based drugs, and imported traditional Chinese medicine. It was part of recent substantial measures, as the country vows to further broaden market access.

LI GANG, VICE PRESIDENT CHINESE ACADEMY OF INT'L TRADE & ECONOMIC COOPERATION "It is important to increase imports from developed countries in order to improve the people's livelihood. For example, the US is leading in many areas like cancer drugs, CT scan machines and heart stents. We have a large demand for these."

Favorable measures continue to be introduced. such as lowering import tariffs for automobiles and other products. In 2017, China reduced import tariffs on 187 types of consumer goods. And quality products and services not only make life better and easier for the people, but also stimulate domestic competition, deepen supply-side structural reform and help achieve high-quality economic development.

ZHANG JIANPING, DEPUTY DIRECTOR OF THE ACADEMIC COMMITTEE CHINESE ACADEMY OF INT'L TRADE & ECONOMIC COOPERATION "China furthers its opening up to make domestic enterprises closer to international standards. We will keep improving our competitive edge in the global market."

China will host its first International Import Expo in November in Shanghai. 1,300 enterprises from over 120 countries and regions will take part in the event. 34-percent of the registered participants come from developed countries like the US, Germany, Japan, France and Britain. It is expected that China will import goods worth eight trillion US dollars in the next five years. Natasha Hussain, CGTN.